The Great Atlantic & Pacific Tea Company, Inc. to Sell 25 Superfresh Stores as Part of Turnaround Strategy
The Company Hopes to Complete Sales of These 25 Southern Superfresh Locations by Mid-June, Pending Court Approval
MONTVALE, N.J. - April 13, 2011 - The Great Atlantic & Pacific Tea Company, Inc. (A&P, OTC: GAPTQ) today announced that it is filing a motion seeking court approval of bidding procedures to market and sell 25 Superfresh stores in two southern states and the District of Columbia, as the Company continues to fully implement its comprehensive financial and operational restructuring.
The 25 Superfresh locations to be put up for sale under the proposed bidding process include 22 in Maryland, two in Delaware and one in the District of Columbia. Any sales resulting from the proposed bidding process are expected to be completed by mid-June, subject to court approval.
A&P President and Chief Executive Officer Sam Martin said, "The Company has been working hard to implement our turnaround strategy since last year. As part of our ongoing review of our store footprint, we determined that these 25 Superfresh locations are outside A&P's core market. While the decision to put these non-core stores up for sale will unfortunately impact some of our customers, partners, communities and Associates, this is a necessary step in our efforts to restore the Company to long-term financial health."
The Company will encourage loyal customers to continue shopping at these locations during the marketing and sales process.
Mr. Martin continued, "A&P will actively market these locations and is encouraging our dedicated Associates to remain focused on serving our customers and to help show prospective buyers the true potential of these stores. We are continuing to focus on delivering exceptional service to our Superfresh customers in these locations throughout the sale process."
The Company's Superfresh locations in New Jersey, Pennsylvania and the Maryland/Delaware shore area are not being put up for sale as part of the proposed bidding process. These stores will continue to operate normally with fully stocked shelves and the excellent service A&P customers expect.
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