Grand Rapids, Mich. Grocery store operator and distributor Spartan Stores Inc. said Thursday it will sell 12 Pharm retail stores to Rite Aid Corp. Terms were not disclosed.
Spartan Stores chairman and CEO Craig C. Sturken said in a statement that the sale allows the company to "focus more on our core distribution and conventional supermarket operations."
The company said it is also in talks to sell its two remaining Pharm retail stores in separate transactions.
The Rite Aid sale is targeted to close in 45 to 60 days.