Harris Teeter Announces Agreement to Purchase Ten Stores in Hampton Roads Area

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Harris Teeter Announces Agreement to Purchase Ten Stores in Hampton Roads Area

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Harris Teeter (the “Company”) today announced that it has entered into an agreement with SUPERVALU Inc. and its affiliates to purchase 10 Farm Fresh store locations in the Hampton Roads area of Virginia.

The transaction is expected to be complete in May, 2018. Harris Teeter intends to finalize its remodel and re-opening plans while the stores are closed. Pharmacies at three of the purchased stores will remain open throughout the transition.

The Farm Fresh stores that Harris Teeter will purchase include:

Farm Fresh Store 6240 located at 2110 West Great Neck Rd. in Virginia Beach, Va. 23451. The pharmacy at this location will remain open during remodel.
Farm Fresh Store 6253 located at 521 Laskin Rd. in Virginia Beach, Va. 23451.
Farm Fresh Store 6257 located at 227 Fox Hill Rd., A01 in Hampton, Va. 23669.                    
Farm Fresh Store 6258 located at 179 West Ocean View Ave. in Norfolk, Va. 23503.                             
Farm Fresh Store 6269 located at 4511 John Tyler Hwy. in Williamsburg, Va. 23185. The pharmacy at this location will remain open during remodel.
Farm Fresh Store 6276 located at 3575 Shoulder Hill Bridge Rd. in Suffolk, Va. 23435. The pharmacy at this location will remain open during remodel.
Farm Fresh Store 6279 located at 1069 Independence Blvd. in Virginia Beach, Va. 23455.
Farm Fresh Store 6282 located at 1400 Kempsville Rd., #109 in Virginia Beach, Va. 23464.
Farm Fresh Store 6288 located at 730 West 21st St. in Norfolk, Va. 23517.    
Farm Fresh Store 6289 located at 2129 General Booth Blvd. in Virginia Beach, Va. 23454.

“Farm Fresh has a long tradition of operating in Hampton Roads,” said Danna Robinson, communication manager for Harris Teeter. “These stores make this an especially attractive transaction for Harris Teeter. We plan to invest in remodeling a number of these locations to better serve our shoppers, and we look forward to continuing to expand our offerings to our Hampton Roads neighbors.”

Harris Teeter is committed to serving the communities where it does business. In 2017, Harris Teeter committed over $90,000 to its nonprofit partners throughout Hampton Roads. This agreement will enable the company to enhance its existing community partnerships with partners such as Foodbank of Southeastern Virginia; The Food Bank of the Virginia Peninsula; United Way of South Hampton Roads as well as hundreds of local schools – grades k-12 through its Together In Education program.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts and often use words such as “may,” “plan,” “contemplate,” “anticipate,” “believe,” “intend,” “expect,” “estimate,” and similar expressions. Forward-looking statements include, among other things, assumptions regarding the closing of the transaction and estimates regarding the estimated expenses and impairment losses.

These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties and there are a number of factors that could cause actual results to differ materially from those in such statements. Factors that may cause actual results to differ materially from such forward-looking statements include, but are not limited to, circumstances associated with the sale including a delay in closing, the failure to satisfy the closing conditions such as the continued employment of certain individuals, the performance of the parties under certain covenants contained in the Agreement, or obtaining an approval that may be required for the proposed sale or obtaining an approval subject to conditions that are not anticipated, and the potential for unanticipated charges not currently expected that may occur prior to the time of closing or that charges may change based on factors existing at the time of closing. These forward-looking statements are not guarantees of future results or performance and involve certain risks and uncertainties that are based on management’s beliefs and assumptions and on the information available to the Company at the time that this release was prepared. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. The Company does not assume any duty to update these statements as of any future date or revise any forward-looking statements

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Danna Robinson
Harris Teeter
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