A&P Parent Sells Sav-A-Center Stores
Montvale, N.J., The Great Atlantic & Pacific Tea Co. said Monday it agreed to sell 21 Sav-A-Center stores.
Nineteen New Orleans-area Sav-A-Center stores will be sold to Rouse's Supermarket, based in Thibadoux, La. Two other Sav-A-Center units will be sold to other buyers, including an independent food retailer.
Financial terms were undisclosed.
The move allows A&P to concentrate retail operations in the Northeast. The company is in the process of buying rival Pathmark Stores Inc. William Blair & Co. LLC was financial advisor to A&P.
Most Sav-A-Center staffers will be offered jobs by the new owners, the company said. Transfer of ownership will take about six weeks.