GRAND RAPIDS, Mich. — Spartan Stores here will close five of its Pharm discount drug stores and one ExpressMart convenience store, which was acquired through the recent Felpausch acquisition, by the end of September. The decision was based on a comprehensive evaluation of the stores' performance trends, long-term growth prospects, ongoing capital requirements and lease expiration dates, the company said. Commenting on the transaction, Craig Sturken, Spartan's chairman, president and chief executive officer said, "The closing of any of our retail stores is always a difficult but necessary decision. These particular stores did not meet our performance criteria, were located in outlying markets with limited growth potential and had leases expiring in a relatively short time period. We sincerely thank the affected management and associates for their hard work and support." The company expects to record a pretax gain of approximately $800,000 from the sale of related assets in its fiscal 2008 second quarter. The Pharm retail stores are located in Napoleon, Findlay, Bowling Green, Lima and Port Clinton, all in Ohio. The ExpressMart convenience store is located in Mason, Mich. Following the closing of these retail stores, Spartan Stores retail store base will consist of 88 retail supermarkets and 14 Pharm stores.
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