The deal is subject to terms and conditions related to The Great Atlantic & Pacific Tea Company’s bankruptcy proceedings.
Advertisement
The company employs about 28,500 people, many of them Pennsylvania residents, and runs Pathmark, Food Basics, Superfresh, and Food Emporium stores, NorthJersey.com reported.
In Hudson County, five stores were included in an asset purchase agreement with Acme Markets, Inc.: three A&P stores in Jersey City, Hoboken, and West New York and two Pathmark stores in Jersey City and Weehawken. The company said it had bidders for 120 stores, wants to close 25 stores within 60 days and is seeking buyers for the remainder.
“We are confident that pursuing a sale process implemented through chapter 11 will enable us to preserve as many jobs as possible and ensure that we achieve the best possible outcome for all stakeholders. Serving our customers has been and will continue to be our number-one priority”. Upon approval, this facility will enable A&P to continue operating its stores, pay its suppliers, vendors, employees and others in the ordinary course of business.
Among the motions approved, the court has granted A&P immediate access to $50 million of the $100 million debtor-in-possession (DIP) financing provided by New York-based Fortress Investment Group.
While A&P did not list any plans for its location in LaGrangeville, a press release from the company said “it will continue strategic sales through the chapter 11 process”.
Advertisement
A&P previously filed for bankruptcy in 2012. The open stores will remain fully stocked with a complete range of products, and all existing customer promotional and loyalty programs will stay in place during this process.
