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Whole Foods to sell 31 Wild Oats stores under settlement with FTC
By Lisa Kerner
Charlotte, N.C., March 6 - Whole Foods Market, Inc. said it reached a settlement agreement resolving the Federal Trade Commission's antitrust challenge to the company's August 2007 acquisition of Wild Oats Markets, Inc.
As previously reported, the FTC filed suit to block Whole Foods' acquisition of Wild Oats on antitrust grounds.
Under the agreement, a third-party divestiture trustee has been appointed to market for sale for six months:
• Leases and related assets for 19 non-operating former Wild Oats stores, 10 of which were closed by Wild Oats prior to the merger and nine of which were closed by Whole Foods;
• Leases and related fixed assets, excluding inventory, for 12 operating acquired Wild Oats stores and one operating Whole Foods store; and
• Wild Oats trademarks and other intellectual property associated with the Wild Oats stores.
The divesture trustee may be granted a six-month extension to finalize any good-faith offers.
In addition, the 12-month period may be extended to allow for FTC approval of purchase agreements submitted within the time period.
According to Whole Foods, the settlement agreement has been placed on public record for a 30-day comment period ending April 6, after which the FTC will issue a final ruling.
Whole Foods is an Austin, Texas-based natural and organic foods retailer.
Wild Oats is a chain of natural and organic food markets based in Boulder, Colo.
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