Deals Set for Portion of Lucky Stores

Irvine-based American Stores Co. said Friday that it has agreed to sell its 95-store Kash n’ Karry supermarket chain for $305 million to the investment firm of Gibbons, Green, van Amerongen.

Kash n’ Karry, headquartered in Tampa, Fla., is part of American Stores’ wholly owned subsidiary, Lucky Stores. The agreement, expected to close in late September, is subject to Gibbons Green obtaining financing and to governmental approvals.

American also announced Friday that it has completed the sale of Lucky’s 38 supermarkets in Arizona to ABCO markets for $75 million. ABCO, headquartered in Phoenix, is controlled by Odyssey Partners, a New York private investment group.

Both transactions were expected as part of the planned sale of assets following American’s $2.5-billion purchase of all the outstanding stock of Lucky Stores in June.