US supermarket company Great Atlantic & Pacific Tea Company has announced that it has made an agreement to sell seven Kohl’s supermarkets in Madison, Wisconsin to The Copps Corporation, a subsidiary of Roundy’s.
Completion of the transaction is subject to customary conditions and reviews.
A&P, which currently operates 31 Kohl’s stores in the Madison and Milwaukee markets, also announced that it is exploring the sale of the Milwaukee area stores. In addition, the company announced that it is considering the sale of its Eight O’Clock coffee business.
Christian Haub, chairman, president and CEO, said: “Today’s announcements reflect our previously stated plan to reduce debt and lower operating costs. Although difficult, these actions are necessary to revitalize our US business and ensure the long-term success of the company as a whole.”
A&P had previously announced the planned divestiture of operations in northern New England. The company said that it does not foresee the sale of other parts of its business at this time.