HARP'S DEAL HIKES SALES

SPRINGDALE, Ark. -- Harp's Food Stores here has nearly doubled its sales with the acquisition of 10 Food 4 Less stores from Phillips Cos., a Wal-Mart subsidiary. According to Roger Collins, executive vice president and chief financial officer, Harp's 28 pre-acquisition stores accounted for sales of about $210 million; the 10 former Food 4 Less units will add another $170 million to the top line, he

SPRINGDALE, Ark. -- Harp's Food Stores here has nearly doubled its sales with the acquisition of 10 Food 4 Less stores from Phillips Cos., a Wal-Mart subsidiary. According to Roger Collins, executive vice president and chief financial officer, Harp's 28 pre-acquisition stores accounted for sales of about $210 million; the 10 former Food 4 Less units will add another $170 million to the top line, he said. Collins said Harp's completed the acquisition in June and began converting the 10 stores, at the rate of two per week, to its discount format, called Price Cutter Food Warehouses. He declined to pinpoint the acquisition price. Harp's completed the conversions earlier this month, Collins told SN. When Wal-Mart acquired the stores several years ago, it was viewed by observers as a means of enabling Wal-Mart to gain expertise in the food business prior to launching its supercenter rollout.