Harps Completes Maneuver to Unlock Capital and Increase Profitability

March 3, 2021

Business

Harps Completes Maneuver to Unlock Capital and Increase Profitability

Harps Food Stores, Inc is a local, Springdale based grocery chain and is the largest employee-owned company headquartered in Arkansas.

  • Recently, the company completed a sale-leaseback of 13 stores for $30.1 million to the New Jersey based property owner, Essential Properties. These 13 stores located in Arkansas and Missouri will continue to carry Harps brands, and the leaseback should not affect the store operations overall.
  • The "sale-leaseback transaction has been a very effective tool to unlock capital for more efficient uses including store expansion, as well as to secure long-term, low occupancy costs, which leads to higher profitability." says J. Max Van Hoose, EVP at Harps Food Stores.
  • Including Arkansas, Harps has a total of 113 stores located in the surrounding 3 states (Oklahoma, Kansas, and Missouri). Additionally, Harps is the largest employee-owned company headquartered in Arkansas. - Arkansas Talk Business

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