A&P To Sell Northern New England Stores to Stop & Shop, Big Y
MONTVALE, N.J. - The Great Atlantic & Pacific Tea Company Inc. on Friday announced separate agreements for the sale of nine supermarkets in northern New England, to The Stop & Shop Supermarket Company and Big Y Foods. The company said the transactions are part of a larger divestiture of operations in northern New England.
The company said it expects to realize proceeds of approximately $80 million upon completion of the transactions, which are subject to the satisfaction of customary conditions and regulatory reviews.
A&P also said the transactions announced today are part of a larger divestiture of operations in northern New England, to include the closure of its Springfield, Mass. office, and the planned sale of its remaining supermarkets in Massachusetts previously operated from that office. After completion of the planned divestitures, the majority of the company's remaining supermarkets in New England will be operated under its New Jersey-based A&P banner organization.
A&P currently operates 692 stores in 15 states, the District of Columbia and Ontario, Canada under the following trade names: A&P, Waldbaum's, The Food Emporium, Super Foodmart, Super Fresh, Farmer Jack, Kohl's, Sav-A-Center, Dominion, The Barn Markets, Food Basics and Ultra Food & Drug.
The company also manufactures and distributes the Eight O'Clock line of whole bean coffees. Some industry observers have speculated that A&P may be looking to sell its coffee line, which has been around since 1919. A&P has refused to comment on that rumor.
The company said it expects to realize proceeds of approximately $80 million upon completion of the transactions, which are subject to the satisfaction of customary conditions and regulatory reviews.
A&P also said the transactions announced today are part of a larger divestiture of operations in northern New England, to include the closure of its Springfield, Mass. office, and the planned sale of its remaining supermarkets in Massachusetts previously operated from that office. After completion of the planned divestitures, the majority of the company's remaining supermarkets in New England will be operated under its New Jersey-based A&P banner organization.
A&P currently operates 692 stores in 15 states, the District of Columbia and Ontario, Canada under the following trade names: A&P, Waldbaum's, The Food Emporium, Super Foodmart, Super Fresh, Farmer Jack, Kohl's, Sav-A-Center, Dominion, The Barn Markets, Food Basics and Ultra Food & Drug.
The company also manufactures and distributes the Eight O'Clock line of whole bean coffees. Some industry observers have speculated that A&P may be looking to sell its coffee line, which has been around since 1919. A&P has refused to comment on that rumor.