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FTC Extends Whole Foods' Deadline To Sell Wild Oats Stores

DOW JONES NEWSWIRES

The Federal Trade Commission agreed to give Whole Foods Market Inc. (WFMI) an extra six months meet a requirement to sell Wild Oats assets, giving it until March.

After the upscale grocer's 2007 purchase of rival chain Wild Oats Markets, the FTC agreed to drop its fight to undo the deal if Whole Foods sold off 32 Wild Oats stores and its brand by Sept. 8. Because the company had received some good-faith offers by the deadline, Whole Foods applied for an extension at that time. The FTC unanimously approved that request Friday.

Whole Foods, which will report fiscal fourth-quarter results Wednesday, has seen same-store sales slip as shoppers avoided pricier foods in the recession. In response, it has instituted value programs, like meals that feed four people for $15, and cut costs.

Shares were recently down 2.5% at $32.29 in a broadly negative market. The stock has more than tripled so far this year.

-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@ dowjones.com

  (END) Dow Jones Newswires
  10-30-091408ET
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