The Great Atlantic & Pacific Tea Company, Inc. to Close 32 Stores as Part of Turnaround Strategy
MONTVALE, N.J. - February 15, 2011 - The Great Atlantic & Pacific Tea Company, Inc. (A&P, OTC: GAPTQ) today announced that it has filed a motion seeking approval to close 32 stores in six states as the Company continues to fully implement its comprehensive financial and operational restructuring. The store closures are expected to be completed in the Company's fiscal first quarter, subject to court approval.
A&P President and Chief Executive Officer Sam Martin said, "As part of our turnaround and our ongoing review of our store footprint, we have decided to close these 32 locations. While this was a very difficult decision that will unfortunately impact some of our customers, partners, communities and employees, these actions are absolutely necessary as we work to strengthen A&P's operating foundation and improve our performance. We will help our affected colleagues pursue other positions across the Company should open positions be available."
As part of the store closure process, the Company will encourage loyal customers to shop at its other stores in their communities or in close proximity to the closing store locations.
Mr. Martin continued, "Delivering great value and service to our customers every day remains the focus of every A&P associate. Even as we reduce our store base and drive efficiencies across our Company, we continue to take other important steps to enhance our customers' overall shopping experience, including upgrading our private label brands. We are moving forward aggressively to make strategic decisions that will position A&P for a strong future."
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