Harris Teeter Announces Agreement with Piggly Wiggly to Purchase Certain Assets
Harris Teeter Supermarkets, Inc. (NYSE:HTSI) (the “Company”) announced today that its operating subsidiary, Harris Teeter, Inc. (“Harris Teeter”), has entered into an agreement with Greenbax Enterprises, Inc. (“Piggly Wiggly”) to purchase six Piggly Wiggly store locations and one future store location in the Charleston, S.C. area.
The Piggly Wiggly stores that Harris Teeter will acquire include three stores in Charleston, S.C. located at 1739 Maybank Highway, 1985 Folly Road and 1005 Harbor View Road; two stores in Mount Pleasant, S.C. located at 1220 Ben Sawyer Boulevard and 1981 Riviera Drive; the Newton Farms location on Kiawah Island, S.C.; and one store location under construction in Isle of Palms, S.C. located at 1513 Palm Boulevard.
The transaction is expected to be completed in October 2013. Harris Teeter plans to close the acquired stores for three to four days for stocking and training of employees. The pharmacies at the acquired stores will remain open throughout the transition.
Thomas W. Dickson, Chairman of the Board, and Chief Executive Officer, commented that, “Piggly Wiggly has a long tradition of operating customer-friendly stores in Charleston. These store locations and the dedicated associates who work in them make this an especially attractive transaction for Harris Teeter. We plan to remodel and expand a number of these locations to create brand new Harris Teeter stores to serve our customers. Charleston is a growing and vibrant market, and we look forward to continuing to expand our presence in the region."
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts and often use words such as “may,” “plan,” “contemplate,” “anticipate,” “believe,” “intend,” “expect,” “estimate,” and similar expressions. Forward-looking statements include, among other things, assumptions regarding the closing of the transaction and estimates regarding the estimated expenses and impairment losses.
These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties and there are a number of factors that could cause actual results to differ materially from those in such statements. Factors that may cause actual results to differ materially from such forward-looking statements include, but are not limited to, circumstances associated with the sale including a delay in closing, the failure to satisfy the closing conditions such as the continued employment of certain individuals, the performance of the parties under certain covenants contained in the Agreement, or obtaining an approval that may be required for the proposed sale or obtaining an approval subject to conditions that are not anticipated, and the potential for unanticipated charges not currently expected that may occur prior to the time of closing or that charges may change based on factors existing at the time of closing. These forward-looking statements are not guarantees of future results or performance and involve certain risks and uncertainties that are based on management’s beliefs and assumptions and on the information available to the Company at the time that this release was prepared. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. The Company does not assume any duty to update these statements as of any future date or revise any forward-looking statements
Harris Teeter Supermarkets, Inc. operates a leading regional supermarket chain in eight states primarily in the southeastern and mid-Atlantic United States, and the District of Columbia.