Rumors and unconfirmed reports have swirled for weeks, but Metropolitan Market has confirmed their plans to purchase Magnolia Thriftway. The purchase is set to be made final in September.
Longtime Magnolia Thriftway owners Jim and Lynne Penhollow decided to sell the store as they begin to prepare for retirement, according to a Metropolitan Market statement.
“For 34 years the Penhollow family has had the pleasure of serving the community of Magnolia,” the Penhollows said in a prepared statement. “Our involvement with church, schools and our many friends here has made it feel like living in a small town. So it is bittersweet as we leave Magnolia Thriftway in the capable hands of Metropolitan Market, who will provide the community with the service and quality it so richly deserves.”
In the same prepared statement, Metropolitan Market Chief Executive Officer Terry Halverson said, “We look forward to taking part in the neighborhood’s rich history, such as the Magnolia Little League, Summerfest, schools like Catharine Blaine K-8, Lawton Elementary, Our Lady of Fatima, and other organizations supported over the years.”
The Metropolitan Market purchase comes as it vacates its upper Queen Anne location on July 11. A Magnolia acquisition would maintain Metropolitan Market’s number of four properties in Seattle, plus one in Tacoma.
Magnolia Thriftway is owned by Penhollow Markets, which has deep roots in the Magnolia community. The store will stay open during an expected full-scale remodel in 2013.
More details to come.