Montvale, NJ
By Jordan Okumura
03.13.13
The Great Atlantic & Pacific Tea Company, Inc. has revealed that it is under contract for the sale of its real estate interests in what a press release states as "a few non-core store locations." The company reports that these pending deals are a combination of leasehold sales and sale-leaseback transactions. An expected to generate proceeds for the Company in
An excess of $130 million is expected to be generated by the deals.
A&P President and Chief Executive Officer Sam Martin said, "This opportunity to unlock substantial real estate value from some of our owned and leased properties will provide additional liquidity as we continue to execute on our strategic initiatives and invest in our stores for growth.”
The company currently operates more than 300 stores in six states under A&P, Best Cellars, Food Basics, The Food Emporium, Pathmark, Superfresh and Waldbaum's.
