Wallace & Owens sells to Harps; to be finalized in mid-Dec.

Wednesday, November 12, 2008

Steve and Rich Wallace of Wallace and Owens Stores, Inc. announced today that they have signed an agreement with Harps Food Stores, Inc. to sell Harps 100% of the W&O stock. Founded by the late Larry Wallace in 1949, and later joined by the late Kelly Owens, W&O has served communities in Missouri, Arkansas, and Tennessee for over 59 years. W&O currently operates eight grocery stores under the banners of Wallace and Owens and Country Mart. In Arkansas, the stores are located in Corning and Jonesboro; and in Missouri, the stores are in Dexter, Doniphan, Alton, Thayer, Malden, and Kennett. Harps Food Stores is the largest employee-owned company headquartered in Arkansas. After the acquisition, Harps will operate 61 stores in Arkansas, Oklahoma, and Missouri.

Steve Wallace, President of W&O, said, "My brother and I have grown up in the family business and have enjoyed over 30 years together helping to shape and grow the company. This is an end of an era for us but offers a wonderful opportunity for our staff to now become owners themselves!"

Roger Collins, CEO of Harps, said, "We are extremely excited to add these stores to our company. As an employee-owned company, we believe Harps will offer value to the customers and attractive benefits for the employees of Wallace and Owens. Steve and Rich Wallace have developed an excellent company which has served their communities well. Harps will continue to offer the same great service. The family-oriented culture of Wallace and Owens will mesh seamlessly with the employee-owned culture at Harps.

The Food Partners (www.thefoodpartners.com ), a national investment banking firm providing merger, acquisition and divestiture services to the supermarket industry, advised Wallace and Owens in its sale to Harps Food Stores.

The terms of the agreement were not disclosed. The sale is projected to be finalized by mid-December.

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Wallace and Owens is the only place I buy my meat. Please do not change the meat! Norm is trhe best.

-- Posted by Hippie Chick on Wed, Nov 12, 2008, at 12:34 PM

I also buy my meat from Wallace and Owens.Its always fresh and the steaks are always cut exactly the way you want them.

-- Posted by MOGAL on Wed, Nov 12, 2008, at 2:16 PM

I agree with the above statements,W/o is the only place locally to buy fresh, good looking meats. PLEASE don't change the meat products. Walmart or town and country CAN'T compare to the meats at wallace and owens!!!!Or for that matter some of the other products they have in the store.And the carry-out service,you just dont find this at many stores anymore,it is a great big plus.The people are so friendly there,always willing to help you find what you need.Thank you employee's for a job well done. I know I sure appreciate you all for the work you do.

-- Posted by angelbots2003 on Wed, Nov 12, 2008, at 3:02 PM

The best place to buy meat or groceries is W & O, has been and always will be I hope.

-- Posted by changedname on Wed, Nov 12, 2008, at 6:03 PM

You poor people. You need a Schnuck's.

-- Posted by Jim Morrison on Thu, Nov 13, 2008, at 12:00 AM

Us poor folks just might need a Schnuck's; but we do not have one. So for us; we want quality for our money, and we want treated fairly.

Wallace and Owens has such a wonderful Store to Customer relationship. We do alot more their besides buy groceries. Pay our electric, get our birthday cakes, and we see friendly people; with a willingness to help us.

We are not treated as we owe them, and we have to take what they offer. The employees there are great as well!

Their meat is good quality. The hometown atmosphere, and quality of foods is very important in this household.

So I am not sorry we do not have a Schnucks. Sorry to see Wallace and Owens go.

-- Posted by Hippie Chick on Thu, Nov 13, 2008, at 8:11 AM

Just so you know. The supplier of meat and most other products for Wallace and Owens is Associated Wholesale Grocers which supplies town and country as well.

-- Posted by sparticus on Thu, Nov 13, 2008, at 12:15 PM

I shopped at Schnucks last week, prices were 30% higher than local Dexter. Lipton Ice tea in 10 bottles were $9.99 and $6.99 at Wmart and $6.00 at Dollar Store.

-- Posted by changedname on Tue, Nov 18, 2008, at 11:46 AM