According to a story in Crain’s New York Business, the sale of A&P’s 16-store Food Emporium chain in Manhattan is imminent. As of late last month, the investment banking firm Duff & Phelps was soliciting final bids from buyers, including Kings Food Markets, a 24-store chain that operates in New Jersey, Long Island and Connecticut, that wants several of the Food Emporium stores.
Gristedes, which operates approximately 30 stores in Manhattan and surrounding areas, submitted a bid for the entire chain, but it appears A&P is leaning towards a sale to multiple buyers.
The Crain’s story also reports that the union representing some of Food Emporium’s 1,100 employees is suing A&P to stop a sale to buyers who would not honor its current labor contracts, although such a buyer would only have to honor the contracts if A&P made it a condition of the sale.
A&P, officially known as the Great Atlantic & Pacific Tea Company, also owns Pathmark, Super Fresh, Waldbaum’s and Food Basics grocery stores.