LOS ANGELES -- Arden Group, parent of Gelson's and Mayfair Markets here, has paid $14.8 million to buy back approximately 285,000 of its own shares. president and chief financial officer of the 12-unit chain, said the company sought to buy the shares "because we had a considerable amount of cash available following the sale of two subsidiaries in the past 12 months and we believe it's a good investment of the company's money."

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