GRAND RAPIDS, Mich. — Spartan Stores here said Thursday that it has reached an agreement to sell 12 The Pharm drug stores to Rite Aid, and that it was in negotiations to sell two remaining locations, in a move that would exit Spartan from the stand-alone drug store business. RiteAid, Camp Hill, Pa., is expected to pay $12.8 million in cash, plus the value of inventory, for certain assets of the 12 locations, in a deal that is set to close in 45 to 60 days, Spartan said. The 14 stores generated annual sales of around $125 million, Spartan said. Last fall, Spartan closed five money-losing Pharm locations. “The Pharm stores have been a good business for Spartan Stores and it is staffed with hard working and dedicated associates, making this divestiture transaction a more difficult decision,” Craig Sturken, chief executive officer of Spartan Stores, said in a statement. “Divesting these stores, however, will allow us to concentrate efforts and resources on business opportunities with the best long-term growth potential and focus more on our core distribution and conventional supermarket operations.”
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