A&P agrees to sell
Sav-A-Center stores
Sep 17, 2007 10:59 AM
The Great Atlantic & Pacific Tea Co Inc (A&P) has announced agreements for the sale of 19 New Orleans LA-area Sav-A-Center stores to Rouse’s Supermarket, based in Thibadoux LA. Two other Sav-A-Center units also are being sold to other buyers including an independent food retailer.
As stipulated by terms of the sale agreements, substantially all current Sav-A-Center associates will be offered positions by new owners. Transfer of ownership of all stores is expected to be completed during about a six-week period.
A&P said the sale of the Sav-A-Center stores will complete its exit from non-core markets, concentrating its retail operations fully in the Northeast. Earlier this year, A&P announced an agreement to acquire Pathmark Stores Inc, also based in the Northeast. That transaction is under Federal Trade Commission review and is expected to be completed during the second half of A&P’s fiscal year 2007.
