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    Spartan Selling Pharm Drug Stores to Rite Aid

    After months of speculation that a sale was in the offing, Spartan Stores Inc. is effectively exiting the stand-alone drug store business by selling 12 of its 14 Pharm stores to Rite Aid Corp. for $12.8 million, plus the value of inventory.

    Grand Rapids, Mich.-based Spartan plans to sell the remaining two stores in separate transactions. During fiscal 2008, The Pharm, a division with stores concentrated in northern Ohio save for one unit in Adrian, Mich., reportedly generated sales of $125 million.

    "Divesting these stores...will allow us to concentrate efforts and resources on business opportunities with the best long-term growth potential and focus more on our core distribution and conventional supermarket operations," said Craig Sturken, Spartan's chairman and c.e.o.

    Spartan owns 88 D&W Fresh Market, Family Fare Supermarket and Felpausch Food Center stores and distributes products to more than 400 independent grocers in Michigan, Ohio and Indiana.

    Rite Aid Corporation, based in Camp Hill, Pa., operates more than 5,000 stores in 31 states and the District of Columbia. It had fiscal 2008 sales of more than $24.3 billion.

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