Spartan Stores uses existing facilities to fund purchase of VG assets

By Sara Rosenberg

New York, Dec. 29 - Spartan Stores Inc. used borrowings under its existing credit facilities to fund the acquisition of 17 retail supermarkets and 15 pharmacies from VG's Food Center Inc. and VG's Pharmacy Inc., according to an 8-K filed with the Securities and Exchange Commission.

The company paid a total price of $85 million in cash for the purchased assets, plus roughly $17.2 million for the acquired inventory and register cash.

Spartan Stores is a Grand Rapids, Mich.-based grocery distributor.

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