US: A&P puts more stores up for sale
US retailer A&P, which filed for Chapter 11 in December, has put more stores on the block as it continues to turn around its business.
The company said yesterday (13 March) that it had put 25 Superfresh stores across Maryland, Delaware and the District of Columbia up for sale.
A&P's Superfresh stores in New Jersey, Pennsylvania and the Maryland/Delaware shore area are not being up for sale, the retailer said.
President and CEO Sam Martin said the stores made available to buyers were "non-core" to the business.
"The company has been working hard to implement our turnaround strategy since last year. As part of our ongoing review of our store footprint, we determined that these 25 Superfresh locations are outside A&P's core market," Martin said. "While the decision to put these non-core stores up for sale will unfortunately impact some of our customers, partners, communities and associates, this is a necessary step in our efforts to restore the company to long-term financial health."
In February, A&P announced plans to close 32 stores as part of its turnaround programme. That month, the company appointed restructuring specialist Greg Rayburn to its board.
A&P filed for Chapter 11 protection weeks before Christmas. As of 11 September, its debts stood at US$1.1bn.
Martin became CEO last July - A&P's second chief in six months - and within weeks the retailer had announced store closures and changes to its management team but the moves were not enough to stop the company opting for Chapter 11.
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