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Natural and organic foods retailer Sprouts Farmers Market said it had raised over $22 million in senior unsecured corporate notes last week to support its planned growth of at least 15 new stores per year aiming for more than 100 stores in five years.
"Due to our strong performance in these challenging economic times, we were able to sell the notes at terms very favorable to the company," said Shon Boney, Sprouts c.e.o. "The new capital, along with our existing credit facilities and strong cash flows, will allow us to increase our growth rate to 15 or more new stores per year. In addition, we are doubling our five year target to over 100 stores throughout the United States"
Sprouts said it will open seven locations in the summer and fall 2008, including new stores in the Texas cities of Murphy, Richardson, and McKinney; California cities of Tustin and Seal Beach; and its first three locations in Colorado in Westminster, Parker, and Ft. Collins.
Sprouts currently operates 25 natural foods stores in the western United States.