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LONDON - Retailer Marks & Spencer PLC today announced it is abandoning plans to sell its U.S. chain, Kings Super Markets, because of the current economic climate. The company has appointed its director of food, Justin King, to oversee Kings in the United States.
King will work with the existing management team at Kings, but will spend the majority of his time overseeing M&S's food operations in the U.K., said a spokeswoman for the retailer.
M&S said it abandoned plans to sell Kings as it "has not been possible for interested parties to raise sufficient funds" to buy the chain in the current economic climate.
Kings had received prospective bids from D'Agostino Supermarkets and Gristede's Foods Inc.
The M&S spokeswoman wouldn't comment on whether the company will attempt to sell the chain again once the economic climate brightens.