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.
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