SALISBURY, N.C. -- Food Lion here said it has signed an agreement to purchase the assets of Food Fair of North Carolina, an 11-store chain based in Winston-Salem, N.C.
The transaction, which will be finalized in March, represents the chain's first major acquisition since 1984, when it purchased 23 supermarkets from Giant Markets, Kingsport, Tenn.
Food Fair's annual sales exceed $73 million. The value of the transaction wasn't disclosed.
The transaction includes the 1