Harps Food Stores plans to acquire 20 stores under five banners in Arkansas and Missouri from Fredericktown, Mo.-based Town & Country Grocers.
Financial terms of the agreement, announced late Tuesday, weren’t disclosed. Harps said the transaction is expected to be finalized this summer, pending customary due diligence and approval from Town & Country shareholders.
The deal includes five stores in northeastern Arkansas under the Country Mart (two locations), Town & Country Supermarket (two) and Price Chopper (one) banners and 15 stores in southeastern Missouri under the Country Mart (eight), Town & Country Supermarket (five), Cash Saver (one) and ALPS Supermarket (one) banners.
“Opportunities like this are rare,” Harps Chairman, President and CEO Kim Eskew said in a statement. “We are extremely excited about adding these stores to our Harps family. They will make a great addition to our company as we strive to continue to grow.”
Currently, Springdale, Ark.-based Harps operates 92 stores in Arkansas, Oklahoma, Missouri and Kansas, including 80 Harps stores, 10 10Box Cost-Plus stores, one Price Cutter food store and one Price Cutter pharmacy.
Town & Country Grocers lists 36 store locations on its website. After the deal with Harps closes, the retailer would have 16 stores under the Town & Country Supermarket (eight locations), Country Mart (three) and Cash Saver (five) banners in Arkansas, Missouri and Tennessee.
