BENTONVILLE, Ark. (AP) - Phillips Companies Inc., which operates 17 Food-4-Less stores in Arkansas, is being bought by Wal-Mart Stores Inc., according to a joint release issued Wednesday.

The agreement will make Phillips Cos. Inc. a wholly owned subsidiary of Wal-Mart.

Don Shinkle, Wal-Mart spokesman, said the transaction is subject to negotiation and execution of a definitive agreement between the two companies, as well as approval from certain regulatory agencies.

In addition to Food-4-Less stores, Phillips operates three Phillips Food Centers in Benton County.