Springdale-based Harps Food Stores Inc. is buying 20 stores with five located in northeastern Arkansas and 15 in southeastern Missouri.
The terms of the deal were not released. The stores are being purchased from Town and Country Grocers of Fredericktown, Missouri, Inc., according to a release.
The Arkansas stores involved in the deal are located in Harrison, Highland, Newark, Pocahontas and Piggott.
The timetable for the deal hasn’t been fully worked out but both groups expect it to be completed by the end of the summer, according to the news release. The deal still has to be approved by Town and Country Grocer’s shareholders and will be subject to due diligence and regulatory requirements.
“Opportunities like this are rare,” said Kim Eskew, president and chief executive officer of Harps Food Stores. “We are extremely excited about adding these stores to our Harps family.”
Harps is employee owned and has 92 stores operating in four states — Arkansas, Oklahoma, Missouri and Kansas. It employs more than 4,500.