Stater’s former chairman agreed to sell his stock.
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A group led by Bernard Garrett, former chairman of Stater Bros. grocery store chain, agreed to sell its stock to a group led by Jack Brown, current chairman and chief executive of Stater. The Garrett group previously had agreed to sell the stock to Craig Corp., an ally of the Brown group. But the Brown group under a previous agreement had to be given an opportunity to buy the stock first. The Brown group said it will pay nearly $18.5 million for the stock and subsequently will equalize its Stater holdings with Craig. The Brown group beat the Garrett group earlier this year in a battle for control of the Stater board.
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