GRAND RAPIDS, Mich.–(BUSINESS WIRE)–Spartan Stores, Inc., (NASDAQ:SPTN) today announced it is closing five Pharm retail stores and one convenience store, which was acquired through the recent Felpausch acquisition, by the end of September, 2007. The decision to close the stores was based on a comprehensive evaluation of the stores’ performance trends, longterm growth prospects, on-going capital requirements and lease expiration dates.
The Company expects to record a pretax gain of approximately $0.8 million from the sale of related assets in its fiscal 2008 second quarter. The net gain on the transaction will be recorded as discontinued operations on the Company’s financial statements.
