Gristede's close to clinching Kings

In the latest chapter in a long-running saga, New York supermarket Gristede's is once again close to finalising a deal to buy Kings Super Markets from Marks & Spencer.

Gristede's owner John Catsimatidis plans to offer US$120 million (£74.7 million) for the 27-store chain and is confident that he can raise the money on an increasingly fruitful bonds market.

Catsimatidis has complai-ned repeatedly that the bond market has prevented him raising cash for the chain.

A spokeswoman for M&S confirmed: 'There are other people interested, but (Gristede's) are the ones we are talking to at the moment.'

The Kings chronicle has continued for almost four years, since M&S first announced the sale in September 1999. M&S chairman Luc Vandevelde has said he is happy with the performance of the chain and would keep it if a suitable price was not obtained.

THE CHRONICLE OF KINGS

Aug 1988: M&S buys 16-strong Kings chain for US$108 million

Jun 1999: M&S denies rumours that Kings is up for sale

Sep 1999: M&S first puts the Kings business on the market

Apr 2000: M&S commits to expanding Kings to 25 stores

Mar 2001: For sale sign hoisted over Kings for a second time

Aug 2001: Gristede's first reported to be interested in Kings

Sep 2001: M&S says September 11 will delay the sale

Oct 2001: D'Agostino first linked to Kings purchase

Jun 2002: Gristede's poised to buy Kings for U$155 million

July 2002: D'Agostino offer for US$160 million agreed

Dec 2002: D'Agostino deal collapses; Gristede's still interested

July 2003: M&S confirms talks with Gristede's still live.