The Great Atlantic & Pacific Tea Company, Inc. to Sell Seven Connecticut Stores as It Continues the Execution of Its Turnaround Strategy

MONTVALE, N.J.--(BUSINESS WIRE)--The Great Atlantic & Pacific Tea Company, Inc. (A&P, NYSE Symbol: GAP) today announced that it has entered into an agreement with Big Y Foods, Inc., to sell seven store locations in northern Connecticut. The sale of these stores is part of a comprehensive turnaround strategy initially announced by the Company in late July. The stores are expected to close at the end of October.

“We continue to evaluate our operating footprint and its alignment with our turnaround strategy. These seven stores were clearly outside of our core markets and their sale was necessary”

“We continue to evaluate our operating footprint and its alignment with our turnaround strategy. These seven stores were clearly outside of our core markets and their sale was necessary,” stated Sam Martin, President & CEO, A&P.

Martin continued, “The Company faces many difficult decisions over the next several months which are required to strengthen our foundation and improve our performance going forward. As we implement these initiatives, we remain mindful of the impact on our Associates. I would like to thank the affected Associates for all of their hard work and dedication over the years.”

The Company’s operational and revenue-driven turnaround initiative is designed to generate sustained profitability and cash flow, drive sales growth, restore competitive margins to the business and strengthen the foundation of the Company for the long term.

About A&P

Founded in 1859, A&P is one of the nation's first supermarket chains. The Company currently operates 429 stores in 8 states and the District of Columbia under the following trade names: A&P, Waldbaum's, Pathmark, Pathmark Sav-a-Center, Best Cellars, The Food Emporium, Super Foodmart, Super Fresh and Food Basics.