Harris Teeter Announces Agreement with Kroger to Purchase Eight Stores in Raleigh-Durham

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Harris Teeter Announces Agreement with Kroger to Purchase Eight Stores in Raleigh-Durham

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Harris Teeter (the “Company”) announced today that it has entered into an agreement with Kroger to purchase eight Kroger store locations in the Raleigh-Durham, N.C. area.

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

The Kroger stores that Harris Teeter will purchase include:

  •     Kroger Store 331 located at 202 NC Hwy. 4 in Durham, N.C. The pharmacy at this location will be closed for remodel; prescriptions will be transferred to Hope Valley Commons Harris Teeter at 1125 West NC 54 Hwy. in Durham, N.C.
  •     Kroger Store 332 located at 3457 Hillsborough Rd. in Durham, N.C. The pharmacy at this location will be closed for remodel; prescriptions will be transferred to Erwin Square Harris Teeter at 2107 Hillsborough Rd. in Durham, N.C.
  •     Kroger Store 337 located at 5116 N. Roxboro Rd. in Durham, N.C. The pharmacy at this location will remain open during remodel.
  •     Kroger Store 342 located at 1273 NW Maynard Rd. in Cary, N.C. The pharmacy at this location will remain open during remodel.
  •     Kroger Store 354 located at 8345 Creedmoor Rd. in Raleigh, N.C. The pharmacy at this location will be closed for remodel; prescriptions will be transferred to Creedmoor Road Harris Teeter at 2051 W. Millbrook Rd. in Raleigh, N.C.
  •     Kroger Store 357 located at 940 US Highway 64 W. in Apex, N.C. The pharmacy at this location will remain open during remodel.
  •     Kroger Store 366 located at 1802 North Pointe Dr. in Durham, N.C. The pharmacy at this location will remain open during remodel.
  •     Kroger Store 371 located at 1371 E. Broad St. in Fuquay-Varina, N.C. The pharmacy at this location will remain open during remodel.

“Kroger has a long tradition of operating in this area, as does Harris Teeter” said Danna Robinson, communication manager for Harris Teeter. “Our valued associates have proudly served these Raleigh-Durham communities for decades, so these store locations are especially attractive to us. We plan to invest in remodeling a number of these locations to better serve our shoppers in this growing and vibrant market.”

Harris Teeter is committed to serving the communities where it does business. In 2017, Harris Teeter committed over $840,000 to its nonprofit partners throughout the Greater Triangle. This agreement will enable the company to enhance its existing community partnerships with partners such as Interfaith Food Shuttle; Food Bank of Central & Eastern North Carolina; USO of North Carolina; Greater Triangle United Way 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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