US grocer A&P, which is trying to revitalise its business after a troubled two years, has sold six Pathmark stores under a sale-and-leaseback deal.
A&P said the agreement, worth US$89m, covered six outlets across New Jersey, Pennsylvania and Delaware.
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President and CEO Sam Martin – A&P’s second this year – said the contract was “another step forward” in the company’s “comprehensive” turnaround strategy.
“We continue to analyse areas across the business to identify ways such as these to further strengthen our financial foundation and improve our performance,” Martin said.
Last month, A&P reported a near-doubling in losses during the second quarter of its fiscal year. Executive chairman Christian Haub said the company’s management was “moving quickly” to improve the business.
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