Spartan Completes Sale of United Wholesale Grocery
GRAND RAPIDS, Mich. - Spartan Stores Inc. today said it has completed the sale of its United Wholesale Grocery Company's operating assets to a privately held Michigan-based company.
The sale is expected to generate approximately $10 million after repayment of related operating liabilities with the proceeds earmarked to reduce the company's outstanding debt. The asset sale includes a continuing supply agreement between Spartan Stores' distribution operation and the new owner.
Craig C. Sturken, Spartan Stores' chairman, president, and c.e.o., said: "We are pleased to have completed the divestiture of the remaining piece of our non-core convenience-store distribution operation. Our strategic business plan has been to focus all efforts on our core wholesale grocery distribution and retail store operations, and this transaction completes our divestiture activities."
The sale is expected to generate approximately $10 million after repayment of related operating liabilities with the proceeds earmarked to reduce the company's outstanding debt. The asset sale includes a continuing supply agreement between Spartan Stores' distribution operation and the new owner.
Craig C. Sturken, Spartan Stores' chairman, president, and c.e.o., said: "We are pleased to have completed the divestiture of the remaining piece of our non-core convenience-store distribution operation. Our strategic business plan has been to focus all efforts on our core wholesale grocery distribution and retail store operations, and this transaction completes our divestiture activities."