A&P completes auction of 25 Superfresh stores
MONTVALE, .N.J. — The Great Atlantic & Pacific Tea Company announced that it recently completed the previously announced auction of 25 southern Superfresh locations, as it continues to fully implement its comprehensive financial and operational restructuring. The winning bids, which are subject to approval from the bankruptcy court before the sales would be completed, will be listed in motions of the company to be filed with the court on May 27.
The winning bids are as follows:
Ten stores – Two in Baltimore (Charles Plaza and 41st Street & Hickory) and one each in Parkville, Arnold, White Oak, Lutherville, Cambridge, Chestertown and Brunswick, MD and Washington, DC – to a joint venture between Mrs. Greens Management Corp. and Village Supermarkets. The White Oak and Lutherville, MD stores will be operated by Village Supermarkets with the remaining stores to be operated by Mrs. Greens Management Corp.
The Ellicott City, Md. store – to Supervalu.
The Westminster, Md. store – to its landlord, Englar Center Limited Partnership.
In addition, the prescription customer lists of seven Superfresh stores were awarded to three different bidders (three to Walgreen’s; three to Safeway and one to CVS/pharmacy).
Based on these results, the company expects auction proceeds in excess of $40 million.
A&P president and CEO Sam Martin said, “We are pleased with the results of the store auction and want to thank our dedicated Associates for remaining focused on delivering great service to our customers throughout the sales and marketing process. We also want to thank our customers for their loyal patronage over the years.”
The company anticipates that the bankruptcy court will consider its motions on these proposed sales at a hearing on June 14. A&P expects to cease operating these 12 stores by mid-July.
The company anticipates closing the 13 remaining Superfresh locations that were not sold at auction. These locations are expected to be closed by mid-July, subject to approval by the court.