Business news in brief

Harps Food buying

seven-store chain

Springdale-based Harps Food Stores Inc. is buying a seven-store grocery chain that will expand its footprint into two more states, the company said Monday.

Harps has entered into a purchase agreement to acquire The Markets, a family-owned business that operates three stores in Louisiana and four in Mississippi. Both companies expect the deal to close by year's end.

Barry Loy, president of The Markets, and his brother Jeff Loy, its vice president and treasurer, said its store banners, employment and operations will see little change or interruption.

"We are excited for the new possibilities for growth and success that Harps can bring to our stores," Barry Loy said in a statement. "We wish Harps and the Markets team members many years of success."

Their father, Harley Loy, founded the chain in 1969. The company employs 350 people.

Harps is a 100% employee-owned company with 135 stores across Arkansas, Kansas, Missouri and Oklahoma. Founded in 1930 by Harvard and Floy Harp, the grocery chain employs more than 6,800 workers.

"We are excited to enter these new markets for Harps in Louisiana and Mississippi," Harps' Chairman and Chief Executive Officer Kim Eskew said in a news release. "The Markets stores have served these communities with excellence for many years and we are thrilled to add them to the Harps family."

-- Serenah McKay

Simmons to release

3Q earnings today

Simmons First National Corp. is scheduled to release third-quarter 2022 earnings before the stock market opens today. Executive management has scheduled a live conference call to provide more detail at 9 a.m.

The call can be accessed at (877) 270-2148 and asking for the Simmons First call with conference ID 10171429. The call also is available through the investor relations tab at simmonsbank.com, where a recorded version will be available for 60 days.

Simmons, based in Pine Bluff, operates more than 230 branches in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas.

-- Andrew Moreau

State index finishes

17.31 points higher

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Monday at 787, up 17.31.

Best performers Monday included Little Rock-based Bank OZK, with a gain of 4.8%; El Dorado-based Murphy USA Inc., up 4.2%; and Fort Smith-based ArcBestCorp gaining 3.9%. The worst performers included Tontitown-based P.A.M. Transportation Services Inc., down 9%, and Springdale-based Tyson Foods Inc., which was unchanged in trading Monday.

The index is up 8.7% for the year.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

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