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Harps Food Stores to acquire The Markets

Pending deal to bring Midwestern grocers into pair of new states

Russell Redman

October 24, 2022

3 Min Read
Harps siupermarket-fule station.jpg
The addition of The Markets locations will lift Harps above the 140-store mark and expand its brick-and-mortar footprint to six states.Harps Food Stores

Harps Food Stores plans to enter two new states with the purchase Gulf region independent grocer The Markets.

Financial terms of the agreement, announced Monday, weren’t disclosed. Under the deal, Springdale, Ark.-based Harps is slated to acquire all seven The Markets stores in central Louisiana and southwestern Mississippi from parent company Supermarket Operations Inc.

The Markets locations being acquired by Harps include four stores in Mississippi (three in Natchez, one in McComb) plus three in Louisiana (in Ball, Ferriday and Vidalia). Those additions will represent Harps’ first Mississippi and Louisiana locations and lift the chain over the 140-store mark. Currently, the grocer operates 135 stores under multiple banners, led by Harps, in Arkansas, Oklahoma, Missouri and Kansas and employs more than 6,800 associates.

Harps said the timing of the transaction hasn’t been finalized, but both companies expect to close the deal by the end of 2022.

The Markets-Supermarket Operations Inc-store-Natchez MS.jpg

Harps is slated to acquire four The Markets stores in Mississippi and three in Louisiana — two new states.

“We are excited to enter into these new markets for Harps in Louisiana and Mississippi,” Kim Eskew, chairman and CEO of Harps Food Stores, said in a statement. “The Market stores have served these communities with excellence for many years, and we are thrilled to add them to the Harps family.”

Related:Harps Food Stores promotes directors to vice president roles

All store associates from The Markets will be retained, and the stores will keep their name, reported Sarah Thacker, director of advertising and communications at Harps.

"This acquisition of seven stores in Louisiana and Mississippi will remain under their same banner of The Markets with minimal changes, including keeping all store personnel on staff," Thacker said in an email.  

Supermarket Operations Inc. was founded in 1969 by Harley Loy. The family-owned and -operated chain is known for its wide local variety, shopping experience, personal service and fresh, quality products, according to Harps.

Last week, Harley Loy’s sons Barry Loy, president of The Markets, and Jeff Loy, vice president and treasurer, informed The Markets employees that its store banners, employment and operations across the Miss-Lou area will continue “with minimal change or interruption,” Harps reported.

“Supermarket Operations Inc. and the Loy family are pleased to announce the acquisition of The Markets supermarkets by Harps Foods Stores,” Barry Loy stated. “We are proud of our Markets family of over 350 team members and the communities we serve in seven stores in central Louisiana and southwest Mississippi. We are excited for the new possibilities for growth and success that Harps can bring to our stores. We wish Harps and the Markets team members many years of success.”

Related:Harps Food Stores names new president

For the transaction, The Food Partners has served as strategic and financial adviser to Supermarket Operations Inc.

The deal to purchase The Markets comes more than two years after Harps acquired 20 stores in Arkansas and Missouri from Fredericktown, Mo.-based Town & Country Grocers. That agreement, announced in March 2020, included five stores in northeastern Arkansas under the Country Mart (two locations), Town & Country Supermarket (two) and Price Chopper (one) banners and 15 stores in southeastern Missouri under the Country Mart (eight), Town & Country Supermarket (five), Cash Saver (one) and ALPS Supermarket (one) banners.

"Harps has seen exponential growth throughout the last two years," Thacker said, "from new, ground-up stores as well as both single and multiple store acquisitions across our current four-state trade area."

About the Author

Russell Redman

Senior Editor
Supermarket News

Russell Redman has served as senior editor at Supermarket News since April 2018, his second tour with the publication. In his current role, he handles daily news coverage for the SN website and contributes news and features for the print magazine, as well as participates in special projects, podcasts and webinars and attends industry events. Russ joined SN from Racher Press Inc.’s Chain Drug Review and Mass Market Retailers magazines, where he served as desk/online editor for more than nine years, covering the food/drug/mass retail sector. 

Russell Redman’s more than 30 years of experience in journalism span a range of editorial manager, editor, reporter/writer and digital roles at a variety of publications and websites covering a breadth of industries, including retailing, pharmacy/health care, IT, digital home, financial technology, financial services, real estate/commercial property, pro audio/video and film. He started his career in 1989 as a local news reporter and editor, covering community news and politics in Long Island, N.Y. His background also includes an earlier stint at Supermarket News as center store editor and then financial editor in the mid-1990s. Russ holds a B.A. in journalism (minor in political science) from Hofstra University, where he also earned a certificate in digital/social media marketing in November 2016.

Russell Redman’s experience:

Supermarket News - Informa
Senior Editor 
April 2018 - present

Chain Drug Review/Mass Market Retailers - Racher Press
Desk/Online Editor 
Sept. 2008 - March 2018

CRN magazine - CMP Media
Managing Editor
May 2000 - June 2007

Bank Systems & Technology - Miller Freeman
Executive Editor/Managing Editor
Dec. 1996 - May 2000

Supermarket News - Fairchild Publications
Financial Editor/Associate Editor
April 1995 - Dec. 1996 

Shopping Centers Today Magazine - ICSC 
Desk Editor/Assistant Editor
Dec. 1992 - April 1995

Testa Communications
Assistant Editor/Contributing Editor (Music & Sound Retailer, Post, Producer, Sound & Communications and DJ Times magazines)
Jan. 1991 - Dec. 1992 

American Banker/Bond Buyer
Copy Editor
Oct. 1990 - Jan. 1991 

This Week newspaper - Chanry Communications
Reporter/Editor
May 1989 - July 1990

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