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GRAND RAPIDS, Mich. -- Spartan Stores Inc., owner and operator of retail supermarkets, drug, discount and convenience store D&W Fresh Markets, is closing five Pharm retail stores and one convenience store, which was acquired through the recent Felpausch acquisition, the company stated.
The decision to close the stores was based on an evaluation of the stores' performance trends, long-term growth prospects, on-going capital requirements and lease expiration dates, according to the company.
The stores, which are expected to close by the end of September 2007, will earn the company a pretax gain of approximately $0.8 million from the sale.
"The closing of any of our retail stores is always a difficult but necessary decision. These particular stores did not meet our performance criteria, were located in outlying markets with limited growth potential, and had leases expiring in a relatively short time period," Craig Sturken, Spartan's chairman, president and CEO, said in a statement. "We sincerely thank the affected management and associates for their hard work and support."
The Pharm retail stores are located in Napoleon, Findlay, Bowling Green, Lima, and Port Clinton, Ohio. The ExpressMart convenience store is located in Mason, Mich.