Statement in Response to Recent Press Reports about A&P
August 27 2010 - 3:28PM
Business Wire
Christian Haub, Executive Chairman, The Great Atlantic &
Pacific Tea Company, Inc., said: “Recent press reports on comments
from Tengelmann about the future of A&P were taken out of
context and may have created a misleading impression about the
Company’s strategic direction. A&P is taking the steps
necessary to make the Company stronger and more efficient. Since
appointing Sam Martin as President and CEO one month ago and
announcing our turnaround strategy, we have moved quickly to
assemble an impressive and experienced management team, which
process was completed with yesterday’s announcement of Tom O’Boyle
joining the Company. Our team is now focused on executing against
the turnaround and strengthening the operating foundation of our
Company. Our executive team, the A&P Board and our major
shareholders, Tengelmann and Yucaipa, remain fully and intensely
focused on achieving an effective turnaround at A&P.”
About A&P
Founded in 1859, A&P is one of the nation's first
supermarket chains. The Company operates 429 stores in 8 states and
the District of Columbia under the following trade names: A&P,
Waldbaum's, Pathmark, Best Cellars, The Food Emporium, Super
Foodmart, SuperFresh and Food Basics.
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