Grocery store operator and distributor Spartan Stores Inc. revealed that it is closing five Pharm retail stores and one convenience store by the end of September, according to the Houston Chronicle.
Spartan Stores said the convenience store, which is located in Michigan, has been acquired by privately held retail grocery operator G&R Felpausch Co. during a deal that closed in March. The five Pharm stores are located in Ohio.
The company said that its decision came after conducting a “comprehensive evaluation” of the stores’ performance trends, long-term growth prospects, capital requirements and lease expiration dates, according to the newspaper.
Spartan Stores said it would record a pretax gain of about $800,000 from the sale of the related assets in its fiscal 2008 second quarter.