Austin, Texas, Whole Foods Market completed the previously announced sale of all 35 Henry's Farmers Markets and Sun Harvest Markets locations, and a related Riverside, Calif. distribution center to a wholly owned subsidiary of Smart & Final, a Los Angeles-based food retailer.
All of the Henry's stores are located in California and all of the Sun Harvest stores are located in Texas. These assets were acquired by the company as part of the Aug. 31 purchase of Wild Oats Markets.
The company reported receiving proceeds of approximately $166 million for the net assets of these stores, consisting primarily of leases, fixed assets and inventory.
Additionally, Whole Foods and Smart & Final entered into a support agreement under which Whole Foods will continue to provide certain products and services for the 35 stores for up to two years. Whole Foods anticipates that the revenue associated with the agreement will be approximately equal to its incremental cost of providing the support.