US grocer Kroger has agreed to buy nine supermarkets and eight convenience stores from Schnucks Market in Memphis, Tennessee.The acquisition means Schnucks will completely exit the Memphis market after nine years of trading.
Conversely, Kroger has a high profile in the city, having invested $70 million in remodeling its network in the last five years. It intends to convert eight of the supermarkets into the Kroger banner over the coming weeks. It will also turn seven of the convenience stores into its Kwik Shop banner. The remaining two Schnucks locations will replace existing, smaller Kroger stores.
Schnucks said the three remaining Memphis stores not bought by Kroger will close within 30 days of the sale.
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