The Great Atlantic & Pacific Tea Company, Inc. Completes the Sale of Seven Connecticut Stores
November 02 2010 - 8:30AM
Business Wire
The Great Atlantic & Pacific Tea Company, Inc. (A&P,
NYSE Symbol: GAP) today announced that it completed the
transaction with Big Y Foods, Inc., to sell seven store locations
in northern Connecticut. This transaction is part of a
comprehensive turnaround strategy initially announced by the
Company in late July.
"The seven stores were clearly outside of our core markets and
this transaction helps advance our comprehensive turnaround
strategy. We continue to evaluate our operating footprint and move
forward with steps that strengthen our financial foundation and
improve our performance,” stated Sam Martin, President & CEO,
A&P.
Martin continues, “The Company extends our appreciation and
thanks to the Associates for their dedication and service to
A&P. We also thank Big Y for their cooperation and successful
execution of the transaction.”
Total sale proceeds equal $24.6M which includes asset price plus
inventory.
The close of this transaction completes one of the identified
measures in the announced turnaround plan designed to generate
sustained profitability and cash flow, drive sales growth, restore
competitive margins to the business and strengthen the foundation
of the Company for the long term.
About A&P
Founded in 1859, A&P is one of the nation’s first
supermarket chains. The Company operates 395 stores in six states
and the District of Columbia under the following names: A&P,
Waldbaum’s, Pathmark, Best Cellars, The Food Emporium, Super Fresh
and Food Basics.
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