To quote the Food Trade News, “The wind down of the once iconic Great Atlantic & Pacific Tea Company goes on and the results continue to be underwhelming.”
The publications November issue reports that 167 of the 296 stores have been sold, with another 20 awaiting sales approval from the bankruptcy court. All the stores are slated to shut their doors by November 25.
The 167 stores have sold for a total of $615.7 million, and the 20 additional stores to be sold will bring in another $81 million, pending approval. A&P has also sold inventories and pharmacy records (about $100 million between the two), and has received a $1.75 million offer from Key Foods to acquire the Food Emporium name.
Once all the stores are closed and A&P is no longer under bankruptcy protection, landlords stuck with vacant stores and no rental income will be free to market their properties (with some exceptions, as per the ongoing bankruptcy process).
So far, 71 stores have been sold to Acme, most of which have already re-opened. Stop & Shop and Key Food Stores acquired 25 and 24 units, respectively. Wakefern (13) and Best Yet (10) also bought multiple stores.
Reference: Food Trade News