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Marks & Spencer Signs Exclusivity Deal with Gristede's to Buy Kings

LONDON - Britain's Marks & Spencer Plc has signed a three-week exclusivity deal with New York-based Gristede's Foods Inc. on the sale of its U.S. Kings supermarkets unit, UK papers said on Sunday.

The Sunday Times and Sunday Telegraph, citing a company spokesman and woman respectively, reported that Gristede?s would use the three weeks to raise the money necessary to finance the deal.

The Sunday Times said the deal was expected to bring in $175.3 million for Marks & Spencer, which has been looking to sell Kings for more than a year.
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