The Great Atlantic & Pacific Tea Company, Inc. Announces $89.8 Million Sale-Leaseback Transaction
November 09 2010 - 5:11PM
Business Wire
The Great Atlantic & Pacific Tea Company, Inc.
(A&P) (NYSE: GAP) today announced that on November 4,
2010, the Company entered into an agreement with Winstanley
Enterprises, LLC and certain of its affiliated entities
(Winstanley) to sell six of its retail locations for $89.8 million,
exclusive of closing costs.
Winstanley agreed to purchase 100% of the Company’s interest in
six Pathmark retail properties comprising approximately 329,000
square feet, located in New York, New Jersey, Pennsylvania and
Delaware. The properties are 95% occupied and leased to
A&P.
“This agreement is another step forward in our comprehensive
turnaround strategy. We continue to analyze areas across the
business to identify ways such as these to further strengthen our
financial foundation and improve our performance,” said Sam Martin,
President and CEO, A&P.
The sale-leaseback transaction with respect to five of the six
properties was closed today, and the transaction with respect to
the sixth property is expected to close later this week.
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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