M&S group finance director Ian Dyson said: 'The disposal of Kings is the last part of our programme to refocus M&S. Kings is a strong brand with a committed workforce, but it doesn't fit in with our core business.'
M&S bought Kings in 1988 and has put the upmarket food retailer up for sale three times since 1999. Each time, the buyer was unable to complete the deal.
Kings has 26 stores in northern New Jersey and Long Island. Operating profit for the year to April last year was US$7.9 million (£4.5 million), with turnover of US$405.9 million (£232.5 million).
The sale is expected to be complete by the end of April.
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