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Harris Teeter Supermarkets, Inc. Announces Agreement With Lowe’s Food Stores, Inc. To Purchase And Sell Certain Assets

Harris Teeter Supermarkets, Inc. (NYSE:HTSI) (the “Company”) and Lowe’s Food Stores, Inc. (“Lowes Foods”) announced today a purchase and sale agreement between the Company’s operating subsidiary, Harris Teeter, Inc. (“Harris Teeter”), and Lowes Foods. The agreement will result in Harris Teeter acquiring ten Lowes Foods store locations in the central Carolinas region and Lowes Foods acquiring six Harris Teeter store locations in western North Carolina.

The Lowes Foods stores that Harris Teeter will acquire include one store in Mint Hill, N.C.; one store in Fort Mill, S.C.; one store in Weddington, N.C.; three stores in Charlotte, N.C.; one store in Davidson, N.C.; one store in Cornelius, N.C.; one store in Huntersville, N.C.; and one store in Wesley Chapel, N.C.

The Harris Teeter stores that Lowes Foods will acquire include one in Asheville, N.C.; two in Gastonia, N.C.; one in Hickory, N.C.; one in Morganton, N.C.; and one in Shelby, N.C.

In addition to the six Harris Teeter stores, Harris Teeter has agreed to pay Lowes Foods $26.5 million. The transaction is expected to be completed in the Company’s third quarter of fiscal 2012, which ends July 1, 2012.

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. In connection with this transaction, the Company expects to record pre-tax non-cash impairment losses and other related expenses totaling between $23 and $26 million during the second half of fiscal 2012. The after-tax impact is expected to range between $14 million, or $0.29 per diluted share and $16 million, or $0.32 per diluted share. The majority of these charges are expected to be recorded in the Company’s third fiscal quarter which ends on July 1, 2012.

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