Headlines

Kings Goes Forth

Marks & Spencer finally sells its U.S. supermarket operations

Published

18 years ago

April 4, 2006

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Marks and Spencer Group plc (London) has completed the sale of Kings Super Markets Inc. (Parsippany, N.J.), to a U.S. investor group consisting of Angelo, Gordon & Co. (New York), MTN Capital Partners LLC (New York) and Bruce Weitz, for $61.5 million. Weitz was previously ceo of Duane Reade Inc. (New York).

The transaction is expected to close by the end of April.

“The disposal of Kings is the last part of our program to refocus Marks & Spencer,” said group finance director Ian Dyson. “Kings is a strong brand with a committed workforce, but it doesn't fit within our core business.”

Kings Super Markets was founded in 1936 by the Bildner family. It has 26 stores, ranging from 6,000 to 27,000 square feet, serving northern New Jersey and Garden City, N.Y.

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