US retailer Great Atlantic & Pacific Tea Company has announced separate agreements for the sale of nine supermarkets in northern New England, to supermarket companies Stop & Shop and Big Y Foods.
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A&P said it expects to realise proceeds of approximately US$80m upon completion of the transactions, which are subject to the satisfaction of customary conditions and regulatory reviews.
A&P also said the transactions announced today are part of a larger divestiture of operations in northern New England, to include the closure of its Springfield, Massachusetts office, and the planned sale of its remaining supermarkets in Massachusetts previously operated from that office. After completion of the planned divestitures, the majority of A&P’s remaining supermarkets in New England will be operated under its New Jersey-based A&P banner organisation.
