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Fleming plans to sell 28 Food4Less stores

Published Thursday, May 01, 2003

Fleming Companies Inc has entered into an agreement with Save Mart Supermarkets of Modesto CA for the sale of 26 Fleming-owned Food4Less stores in California, plus two locations under construction. The company anticipates net proceeds of up to $165 million for these 28 locations. Proceeds are expected to consist of up to $130 million in cash, inclusive of inventory, and a $35 million reduction of long-term liabilities in the form of capital leases. Purchase price is subject to adjustment based on store sales through closing. Upon receipt, the company intends to apply the cash proceeds from this transaction ...

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