US supermarket retailer A&P is in talks to sell its operations in the Midwest following what it described as unsatisfactory operating trends in that market.
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The retailer also said it was undertaking the sale in order to devote resources to its expanding core business in the Northeast.
A&P said it had informed its employees in the Midwest and their union representatives that it anticipates the sale of groups of stores to selected bidders. However, the company said it could not release any more details until definitive acquisition agreements are reached over the next few months.
“While this is the correct course of action for A&P, it is also a difficult one,” said president and CEO Eric Claus. “Our efforts to revitalise our Midwest operations have been supported wholeheartedly by our management and store associates and by our local labour unions. We appreciate their efforts and commitment as well as the patronage of our shoppers, and regret that ongoing market conditions and other priorities necessitated this decision.”
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By GlobalData
