Harps to Offer ESOP
by July 9, 2001 12:00 am 253 views
Harps Food Stores Inc. of Springdale plans to offer an employee shares ownership plan in which all of its stock would be owned by the employees.
Mary Sparks, a planned administrator with Harps, said it may be early August before all the paperwork is completed so the stock offer can be made.
Harps said it will form an alliance with its supplier, Associated Wholesale Grocers Inc. of Kansas City, Kan., in which AWG would provide Harps with capital, strategic support and other services including a long-term agreement to supply Harps stores.
Founded in 1930, Harps has 42 grocery stores under the name Harps or Price Cutters and one convenience store in Springdale, called Pennzmart.
Harps’ fourth Springdale store is currently under construction near the intersection of U.S. Highway 412 and Butterfield Coach Road.