Target finished its purchase of 76 Gemco sites.

Lucky Stores exercised an option to sell all but four of its 80 Gemco locations in California, Arizona and Nevada to Target, a division of Dayton Hudson. Target intends to sell at least 20 of the sites because they are near its existing stores. Lucky realized pretax proceeds of about $700 million from the sale and from the liquidation of Gemco merchandise, and it expects after-tax proceeds of about $411 million.