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Marks and Spencer Continues Talks on Sale of Kings

LONDON - Britain's Marks and Spencer said on Saturday it was still in talks over the sale of its U.S. unit Kings Super Markets, Reuters reports.

The UK's biggest clothing retailer has been looking to boost investor returns and refocus on its core British business. Last year it sold U.S. clothing chain Brooks Brothers to privately owned U.S. retailer Retail Brand Alliance Inc for $225 million.

The Sunday Times reported that Marks and Spencer was close to selling Kings to U.S. supermarket chain Gristede's in a deal worth up to $165 million.

However, a company spokesman said no deal was imminent, and that the company was still talking to several parties over the sale of Kings.

"Gristede's is a company we have been talking to, but they are not the only runners in this race. We haven't signed a deal with them," said spokesman Louis Hill, adding the company hoped to complete a sale by the end of March.

Hill declined to comment on what price Marks and Spencer would seek from selling Kings, but said it would be less than the disposal of its U.S. clothing chain Brooks Brothers.
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