US: A&P offloads more stores
US retailer A&P outlets has sold seven stores in Connecticut as part of its plan to turn around its whole business.
A&P said the sale of the stores to Big Y Foods is part of a turnaround strategy announced in July.
The stores are expected to close at the end of October but the value of the deal was not disclosed.
A&P president and CEO Sam Martin said: "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."
He added: "The company faces many difficult decisions over the next several months which are required to strengthen our foundation and improve our performance going forward."
Last month, A&P announced plans to close 25 other outlets across five states as part of its bid to revitalise the business.
The retailer has had a turbulent 18 months. The company posted ballooning losses in the year to the end of 27 February and is on its second chief executive in 2010, with Martin replacing Ron Marshall in July.
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