K mart agreed to sell its two cafeteria operations.

The nation’s second-largest retailer said it has agreed to sell Furr’s Cafeterias and Bishop Buffets to Cavalcade Holdings of Lubbock, Tex., for $237.5 million in cash. The company said proceeds from the sale would be used to redeem some high-interest, long-term debt. K mart also has decided to sell or close its unprofitable Designer Depot stores, an off-price specialty-apparel chain. Established by K mart in 1982, Designer Depot operates 79 stores nationwide.