Deadline looms for M&S Kings sale

Marks & Spencer's exclusivity agreement to sell Kings Super Markets in the US to New York's D'Agostino ends tomorrow.

D'Agostino agreed to buy Kings for US$160 million in July, but weak capital markets in the US have undermined its attempts to raise the cash.

John Catsimatidis, chief executive of former suitor Gristede's, said earlier this month he intended to open negotiations for 30-strong Kings if the exclusivity period expires.

M&S chairman Luc Vandevelde has said retention of the profitable chain is an option if a suitable buyer cannot be found.

Gristede's was edged out of talks for Kings in July after its own exclusivity period ended.