Netherlands food retailer Ahold has agreed to sell its chain of 198 convenience stores in its United States subsidiary Tops Markets LLC to WFI Acquisition Inc.
WFI is a corporation established by Nanco Enterprises Inc and Bruckmann, Rosser, Sherrill & Co Inc. The 198 stores are Ahold's remaining US convenience stores, and they will continue to operate under the banners of Wilson Farms and Sugarcreek.
Sale of the Tops stores remains subject to closing conditions and regulatory approvals. The value of the transaction was not disclosed; closing is expected in second quarter 2005.
Tops, which Ahold acquired in 1991, will continue to operate full-service supermarkets in northern New York, northeastern Ohio, and northern Pennsylvania.
Divestment of the stores is part of Ahold's plan to restructure its portfolio to focus on its core food businesses. Ahold has been selling its US assets after a 1 billion euro accounting scandal erupted in February 2003. Earlier in 2005, it sold the BI-LO and Bruno's chains.