M&S sale of Kings uncertain
Gristede deal fails to materialise, new interest from D’Agostino
July 19 2002
Marks & Spencer will not definitely sell its US Kings Super Market chain to Gristede’s.
A one-month exclusive negotiation period has expired without the exected deal being finalised.
Gristede’s had taken the process as far as filing paperwork with the US Securities & Exchange Commission which seemed to indicate that the $100m deal had been agreed.
However, M&S says that while it is still talking to Gristede’s, the end of the exclusivity deal means it is also negotaiting with other potential buyers.
New York grocery operator D’Agostino, which has previoulsy shown an interest in acquiring the 28 Kings stores, is thought to back in the picture.
Having already sold the Brooks Brothers menswear chain, the sale of Kings would complete M&S’s withdrawal from North American retailing.
