Spartan To Sell Pharmacies
BYRON CENTER — Spartan Stores Inc. announced last week it plans to sell its 14 stand-alone pharmacies, called The Pharm.
Rite Aid Corp. has agreed to acquire 12 of the stores, and the remaining two are being sold in other transactions.
Spartan Stores took over The Pharm chain as part of an earlier acquisition.
“Divesting these stores 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,” Spartan Chairman and CEO Craig C. Struken said. “The transaction also provides The Pharm associates with good employment opportunities within Rite Aid.”
According to a quarterly report filed with the SEC, Spartan closed five The Pharm stores and one Felpausch Xpressmart during fiscal 2008. Prescription lists and inventories were sold for a total $4.7 million.