Harris Teeter Supermarkets, Inc., announced last week a purchase and sales agreement between the company and Lowes Foods.
The agreement results in Harris Teeter acquiring 10 Lowes Food store locations in the central Carolinas and Lowes Food acquiring six Harris Teeter locations in western North Carolina.
The Lowes Foods stores that Harris Teeter will acquire include one store in Mint Hill, Fort Mill, Weddington, Davidson, Cornelius, Huntersville and Wesley Chapel and three in Charlotte.
The Harris Teeter stores that Lowes Foods will acquire include one in Asheville, Gastonia, Hickory, Morganton and Shelby.
In addition to the six Harris Teeter stores, Harris Teeter has agreed to pay Lowes Foods $26.5 million. The transaction is expected to be complete in the company’s third quarter of fiscal 2012, which ends July 1.
Harris Teeter will close the newly acquired stores for five to 16 weeks for remodeling, stocking and employee training. Three of the new stores are expected to be converted into a new innovative format featuring a worldwide variety of beer, wine, specialty foods and other selected merchandise.