ACME footprint to get boost from A&P bankruptcy
ACME footprint to get boost from A&P bankruptcy
ACME Markets has entered into an agreement to acquire 76 A&P stores in Connecticut, Delaware, Maryland, New Jersey, New York and Pennsylvania under the A&P, Superfresh and Pathmark banners. The company currently operates 107 stores.
The offer is subject to customary legal and bankruptcy court approvals, following A&P’s chapter 11 filing on July 19, including the potential for higher bids to be submitted and anti-trust approval.
A&P announced July 20 it would sell approximately 120 of its 296 stores for $600 million and close an additional 25. The same day Ahold's Stop & Shop division announced it would acquire 25 of the A&P stores in Greater New York for $146 million.
A&P has asked the court for an order requiring other bidders to submit their bids by Sept. 11, with an expectation that court approval for the sale of the stores would be received by Oct. 15.