Grocery Outlet Acquires 17 Yes!LESS Stores in Texas, Louisiana

BERKELEY, Calif. -- Grocery Outlet, Inc., a privately held extreme-value retailer with 118 locations in the western United States, has acquired the assets of 17 Yes!LESS discount grocery stores in Texas and Louisiana from Lewisville, Texas-based Fleming Companies Inc.

Grocery Outlet, which had more than $500 million in revenue in fiscal year 2002, said it will assume capital leases and begin reopening stores under the Grocery Outlet Bargains Only brand within days, with plans to have all 17 open by late summer.

Grocery Outlet works with consumer packaged goods companies to remarket their product overruns, package changes, and overstocks. It sells a wide variety of brand name products, including frozen and refrigerated foods, dry groceries, health and beauty care, over-the-counter drugs, and general merchandise.

In Texas, Grocery Outlet stores will open in Arlington, Athens, Dallas, Denison, College Station, Fort Worth (two locations), Garland, Hurst, Killeen, Longview, Mesquite, Pantego, Sherman, Waco, and Wichita Falls. One location in Shreveport, La. is part of the transaction, which included the stores' equipment and fixtures. Financial details of the deal were not disclosed.

Grocery Outlet said it strives to deliver great bargains every day on popular products at up to 40 percent less than competing supermarkets, discounters, or warehouse stores.

Grocery Outlet has grown in 30 years from one store to 118 outlets located in Arizona, Utah, Nevada, California, Oregon, Washington, Idaho, and Hawaii. In addition to the 17 new stores announced today, Grocery Outlet plans to open a new location in Las Vegas and two in Oregon in the next two months.
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