Harps Food Stores, Inc. has entered into a purchase agreement to acquire 20 stores in Arkansas and Missouri from Town and Country Grocers of Fredericktown, Missouri, Inc.
According to a press release, the transaction remains subject to ordinary due diligence, including approval from the Town and Country shareholders.
In Arkansas, the stores include Country Mart in Harrison.
While the timing of the transaction has not been finalized, both parties anticipate completing the transaction throughout this summer.
“Opportunities like this are rare,” says Kim Eskew, president and CEO of Harps Food Stores. “We are extremely excited about adding these stores to our Harps family. They will make a great addition to our company as we strive to continue to grow.”
Harps is a 100% employee-owned company operating 92 stores with locations in Arkansas, Oklahoma, Missouri and Kansas. Harps is the largest employee-owned company in Arkansas and was founded by Harvard and Floy Harp in Springdale in 1930. Since then, the company has grown to employ over 4,500 associates.