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ZAANDAM, Netherlands - Ahold announced that its Williamsville, N.Y.-based Tops Markets subsidiary will divest its 204-unit convenience store chain as part of a previously announced effort to raise 2.5 billion euros as it emerges from an accounting scandal.
As the beleaguered Ahold's remaining convenience store chain in the United States, the stores operate under the banners of Wilson Farms Neighborhood Food Stores (127), Sugarcreek Stores (67), and Tops Xpress (10).
The move comes as part of Ahold's strategic plan to restructure its portfolio to focus on core food businesses. While no time frame has been set for the completion of the divestment, Ahold has retained Chicago investment banking firm William Blair & Company, LLC to assist with the sale.
In published reports an Ahold spokesman declined to comment on the possible price for the assets and further declined comment on reports that talks concerning the sale of its Argentine retail unit Disco would take place at its Zaandam headquarters today.