According to the SUNDAY TIMES, UK-based retailer MARKS & SPENCER is about to sell its last American business to a New York rival for up to $165m. M&S is said to be in exclusive talks with Gristede’s, an upmarket American supermarket chain, about its 27 stores that trade as Kings, in New Jersey and New York.
M&S last March announced its intention to sell or close its international operations, which also included the American menswear chain Brooks Brothers, and stores in France, Germany and Spain. But it will keep some franchised overseas outlets.
Gristede’s rival, D’Agastino, is also thought to have eyed Kings. Shaws, the American chain owned by J Sainsbury, was interested but is believed to have decided it could not see much potential for expansion. Kings’ management also reportedly tried to buy the operation.