<p>The Great Atlantic & Pacific Tea Co. is exploring options to sell after emerging from bankruptcy last year, according to an internal memo sent to employees<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">The memo is reported to have been send by Great Atlantic Chairman Gregory Mays to store managers, laying out a number of options for the company to fund future growth. A sale is the most likely course of action according to a person familiar with the matter, cited by the Wall Street Journal. Such a move could value the company at $1 billion or more.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">"This is about options to grow the business, not about being in distress," a spokesman said. "It's a desire for capital, not a need for capital."<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">Potential buyers include rivals Kroger, Netherlands-based Ahold, and Cerberus Capital Management LP, the publication’s source said.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">The company emerged from Chapter 11 bankruptcy protection in March 2012 after securing $490 million in debt and equity financing and closing dozens of its banner stores, including Food Emporium, Pathmark, and Super Fresh, as well as A&P. It now operates about 320 stores.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">A&P is "still working toward obtaining profitable sales," according to the memo. Since emerging from bankruptcy, it was able to increase its liquidity by $200 million and reduce its debt obligations by 30%,<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">"In order for our company to continue to grow, we must invest in it," the memo said, noting it has tapped Credit Suisse AG to assist in reviewing its "strategic alternatives."<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">A&P also "may decide just to capitalize our growth plan at a slower pace from internal cash flow," the memo said</p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p><a class="btn btn-sm btn-primary col-lg-12" style="white-space: normal;" href=" http://online.wsj.com/article/SB10001424127887323610704578628063361723932.html" target="_new">A&P Report </a></p><hr class="legacyRuler"><hr class="invisible minimal-padding">
