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NEW YORK - U.K. retailer Marks & Spencer PLC sold New Jersey-based Kings Super Markets to D'Agostino Supermarkets for $160 million in cash, Dow Jones reported. Marks & Spencer had been in negotiations with New York grocer Gristede's Foods Inc. to sell the 29 Kings stores, but those talks were abandoned last week after Gristede's was unable to secure financing.
The sale, Marks & Spencer's second in the U.S. in the past year, is part of the retailer's plan to sell nonstrategic operations and focus on core U.K. businesses. The food and clothing retailer sold U.S. menswear chain Brooks Brothers Inc. to retail Brand Alliance Inc. for $225 million in cash last November.