A&P to sell nine New England supermarkets
Apr 1, 2003 12:00 PM
The Great Atlantic & Pacific Tea Co Inc (A&P) has announced separate agreements for the sale of nine supermarkets in northern New England, to The Stop & Shop Supermarket Co (Quincy MA) and Big Y Foods (Springfield MA). A&P said it expects to realize proceeds of about $80 million upon completion of the transactions, which are subject to customary conditions and regulatory reviews.
These transactions are part of a larger divestiture of operations in northern New England, to include closure of A&P's Springfield office, and the planned sale of its remaining supermarkets in Massachusetts previously operated from that office. After completion of planned divestitures, most of the company's remaining supermarkets in New England will be operated under its New Jersey-based A&P banner organization.
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