A&P Under Contract for Sale of Select Real Estate Interests
MONTVALE, NJ – March 12, 2013 –The Great Atlantic & Pacific Tea Company, Inc. today announced that it is under contract for the sale of its real estate interests in a few non-core store locations. The pending deals are a combination of leasehold sales and sale-leaseback transactions that are expected to generate proceeds for the Company in excess of $130 million.
A&P President and Chief Executive Officer Sam Martin said, "This opportunity to unlock substantial real estate value from some of our owned and leased properties will provide additional liquidity as we continue to execute on our strategic initiatives and invest in our stores for growth.”
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Founded in 1859, A&P is one of the nation's first supermarket chains. The company operates more than 300 stores in six states under the following trade names: A&P, Best Cellars, Food Basics, The Food Emporium, Pathmark, Superfresh and Waldbaum's.
A&P Public Relations