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The Charlotte Observer reports that Harris Teeter is acquiring 10 Charlotte, North Carolina, stores from Lowes Foods. a deal that is "likely to push Harris Teeter back into the No. 1 spot in the Charlotte grocery market." At the same time, the story says, Harris Teeter will sell six of its stores in smaller markets to Lowers, as well as paying Lowes $26.5 million.

"After the sale," the story says, "which is expected to be completed by July 1, Lowes will have only one store remaining in the immediate Charlotte area, in Harrisburg. Harris Teeter will operate more than 40 stores in the area, about a third more than the retailer does now."

According to the announcement, "Harris Teeter plans to temporarily close the acquired stores for five to sixteen weeks for remodeling, stocking and training of employees. Three of the acquired stores are expected to be converted to a new innovative format featuring a worldwide variety of wine, beer, specialty foods and other selected merchandise. One of the acquired stores is expected to be subleased."
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