Spartan to Sell 12 Pharm Stores to RiteAid

Spartan Stores 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.

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 generate

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