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GRAND RAPIDS, Mich. - Spartan Stores Inc. today said it has completed the sale of its United Wholesale Grocery Company's operating assets to a privately held Michigan-based company.
The sale is expected to generate approximately $10 million after repayment of related operating liabilities with the proceeds earmarked to reduce the company's outstanding debt. The asset sale includes a continuing supply agreement between Spartan Stores' distribution operation and the new owner.
Craig C. Sturken, Spartan Stores' chairman, president, and c.e.o., said: "We are pleased to have completed the divestiture of the remaining piece of our non-core convenience-store distribution operation. Our strategic business plan has been to focus all efforts on our core wholesale grocery distribution and retail store operations, and this transaction completes our divestiture activities."