Marks & Spencer has shelved plans to offload its Kings Super Markets business in the US. Talks with potential buyer Gristede's Foods fell through when the New-York-based firm failed to raise the £75 million asking price.
Gristede's chief executive Roger Holmes said: “In the current financial climate it has not been possible for interested parties to raise sufficient funds to purchase Kings at what we perceive to be a fair price.
“Although Kings is not central to our strategy, we believe that maximising shareholder value will be achieved by working with the senior management team to develop business and drive financial performance.”
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