A&P owner to sell six stores for $89.8 million
Montvale, N.J. -- Great Atlantic & Pacific Tea Co. said late Tuesday it will sell six Pathmark stores for $89.8 million. The company said it has entered into an agreement with Winstanley Enterprises LLC, which will acquire six Pathmark stores in New York, New Jersey, Pennsylvania and Delaware.
CEO Sam Martin said the deal is part of the company's turnaround strategy. Last month, after announcing its second-quarter loss had doubled from a year earlier, the company said its turnaround plan, including cutting costs, would help improve business.
Sales of five of the six properties closed Tuesday, and the sixth sale will close later in the week.