QFC TO ACQUIRE TWO STORES
QFC TO ACQUIRE TWO STORES BELLEVUE, Wash., Nov. 12 /PRNewswire/ -- Quality Food Centers, Inc.
(QFC) (NASDAQ: QFCI) today announced that it has entered into definitive agreements to acquire two stores in King County, Wash., from two independent operators. Both acquisitions are subject to certain conditions, including obtaining necessary permits and licenses, and are expected to be completed by January 1993.
One of the stores is owned and operating under the name of Ralph's Village Thriftway, Inc. and is located in the Wilderness Village Shopping Center, in Maple Valley, approximately five miles east of the company's Kent store. The store is currently 14,000 square feet, and the company plans to replace it with a new 35,000 square foot store. Dan Kourkoumelis, QFC president and chief operating officer, said, "The Glidewell family has operated a store here for 29 years, and we are pleased that they will continue to be active in store management as we continue to carry out the fine reputation for customer service that the Glidewells have built." The second store, which is operated as a "Red Apple" Food Store (formerly Anthony's Food Store), is being acquired from the Ianniciello family. The 20,000 square foot store is located in the Inglewood Village Shopping Center in Bothell, between the company's Totem Lake and Kenmore stores. The company plans to remodel the store and expand it to 28,000 square feet. "The Ianniciello family has operated this store for nine years, building a strong customer base in this area," said Kourkoumelis, "and we look forward to continuing their tradition of excellent customer service. In addition, we are pleased that the family will continue to be involved in management of the store." Stuart Sloan, QFC's chairman and chief executive officer, said, "We are extremely pleased about both of these opportunities. These locations fit strategically into our long-term growth plans, and we are pleased with the outstanding people we will be adding to the QFC team. All of us at QFC look forward to serving these fine communities." QFC is the largest independent supermarket chain in the Seattle/Puget Sound area. QFC has served this area for 37 years and today operates 33 stores. QFC's first priority is satisfying the needs of customers by providing superior service, high-quality perishables and competitive prices at convenient store locations. -0- 11/12/92 /CONTACT: Marc Evanger, vice president, chief financial officer of QFC, 206-455-3761/ (QFCI) CO: Quality Food Centers Inc. ST: Washington IN: REA SU: TNM
SW-JH -- SE001 -- 9989 11/12/92 07:55 EST
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|Date:||Nov 12, 1992|
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