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Originally published July 11, 2012 at 2:58 PM | Page modified July 12, 2012 at 10:00 AM

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Metropolitan Market buys Magnolia Thriftway

The deal comes shortly after a private-equity firm acquired a stake in the grocery chain.

Seattle Times business reporter

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Less than a week after announcing that a private-equity firm has taken a stake in its company, local grocery chain Metropolitan Market said it plans to acquire Magnolia Thriftway.

Jim and Lynne Penhollow, who have owned the Thriftway at 3830 34th W. for decades, decided to sell as they prepare for retirement, according to a release from Metropolitan.

The deal is expected to close in September. Metropolitan plans to remodel the store next year, and will keep it open during that work. Financial terms were not disclosed on the acquisition or on last week's investment by West Coast-based Endeavour Capital.

The Magnolia location will bring the chain's store count back to six after its Queen Anne store closed on Tuesday. The Queen Anne property is being redeveloped.

Melissa Allison: 206-464-3312 or mallison@seattletimes.com. On Twitter @AllisonSeattle.

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