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DALLAS - Fleming Companies Inc. on Wednesday announced that it has entered into an agreement with Albertsons for the sale of five Fleming stores. Three Food4Less facilities are located in the Salt Lake City, Utah market, and two Rainbow Foods stores are located in the El Paso, Texas market.
Fleming also said it completed the sale of a previously announced Milwaukee, Wisc. Rainbow Foods store to an independent Sentry Foods operator.
Fleming anticipates net proceeds of approximately $12 million, including capital leases, for the six locations. The transaction with Albertsons is expected to be finalized within 60 days and is subject to closing conditions and completion of due diligence. Upon receipt, the company intends to apply the cash proceeds from these transactions to Fleming's senior secured term loan balance.