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The Kroger Co. (NYSE: KR - news) today announced it has reached an agreementto purchase seven supermarkets in New Mexico from Furrs Supermarkets Inc. Four of the stores to be acquired are located in Albuquerque, while the remaining three stores are located in Santa Fe, Los Alamos and Socorro. The stores, which range in size from 43,000 square feet to 77,000 square feet, will operate under the
Smith's Food & Drug Stores banner. Terms of the transaction, which Kroger expects to complete by August 31, 2001, were not released.
"These stores are located in attractive markets that will provide new growth opportunities for Smith's as we build our business in New Mexico," said James Hallsey, Smith's president. "We're looking forward to meeting soon with associates at these Furrs stores to discuss career opportunities." Separately, Kroger announced it has reached an agreement to sell all four Smith's stores in El Paso, Texas, and one Smith's store in Las Cruces, New Mexico, to Fleming. Fleming is expected to offer employment opportunities to substantially all of the associates involved with the operations of the five Smith's stores. Both companies expect the transaction to be completed by August 31, 2001.
Following the completion of both transactions, Smith's will operate 116 stores in seven states, including 25 stores in New Mexico.