A&P looks to sell its Midwest operations
Apr 30, 2007 10:37 AM
The Great Atlantic & Pacific Tea Co Inc is in negotiations for the potential sale of its operations in the Midwest. The company cited unsatisfactory operating trends in that market, and the need to devote resources to its expanding Northeast core business, as the reasons for the action.
A&P has informed its employees in the Midwest and their union representatives that it anticipates the sale of groups of stores to selected bidders. The company said that it cannot release additional details until definitive acquisition agreements are reached over the next few months.
Eric Claus, A&P president and chief executive officer, said, “While this is the correct course of action for A&P, it is also a difficult one. Our efforts to revitalize our Midwest operations have been supported wholeheartedly by our management and store associates and by our local labor unions. We appreciate their efforts and commitment as well as the patronage of our shoppers, and regret that ongoing market conditions and other priorities necessitated this decision.”
A&P acquired the Farmer Jack chain in 1989 and at present operates 66 stores in greater Detroit MI and its suburbs.
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