A&P Sells Eight More Stores to CVS Pharmacy, Food Emporium, and PSK Supermarket
MONTVALE, NJ – On Thursday, A&P managed to win the bankruptcy court’s approval to sell another eight locations.
Judge Robert Drain of the U.S. Bankruptcy Court in White Plains, NY, approved deals to hand former A&P locations over to retailers including PSK Supermarket Inc., Food Emporium, CVS Pharmacy, and more, according to the Wall Street Journal.
As we previously reported, approximately 100 A&P stores still remain unsold because of “unfavorable locations” or “bad leases.” This is 50 percent more un-auctioned stores than experts previously estimated.
If A&P is unable to find buyers for the remaining locations, thousands of employees will be in danger of losing their jobs as the last locations close their doors on Thanksgiving Day.
A&P is still working to preserve as many jobs as possible, the Wall Street Journal reports, as well as finding new owners for its remaining stores.
In addition to these last few locations, A&P announced that it would sell all intellectual properties relating to A&P®, Pathmark®, Waldbaum’s®, Super Fresh®, Food Basics®, and Best Cellars®, as well as private label product brands, including America’s Choice®, Woodson & James®, Green Way™, Jane Parker®, Via Roma®, and Live Better® among others.
The company filed for bankruptcy for the second time in five years last July. A&P generated total gross sales of approximately $6.5, $5.8, and $5.5 billion in 2012, 2013, and 2014, respectively.
Stay tuned to AndNowUKnow as we continue to follow any further sales of A&P stores.
