Great Atlantic & Pacific Tea eyes auction of 25 SuperFresh stores

By Lisa Kerner

Charlotte, N.C., April 14 - The Great Atlantic & Pacific Tea Co. Inc. asked the court to approve the bid procedures for the sale of certain Southern store assets, according to a Thursday filing with the U.S. Bankruptcy Court of the Southern District of New York.

A hearing is scheduled for April 28.

The debtors plan to exit their operations in the mid-Atlantic market and are marketing the assets associated with 25 stores operating under the SuperFresh banner located in the Baltimore-Washington D.C. area, the filing said.

Hilco Real Estate, LLC has been retained as the real estate consultant.

Currently the debtors have entered into confidentiality agreements with 15 potential purchasers and granted them access to a data room to perform diligence on the assets.

A stalking horse bidder has yet to be identified.

Bids will be due May 13 and must include a deposit equal to 10% of the bid.

An auction, if necessary, will be held on May 17 with a sale hearing to be held on June 14.

Great Atlantic & Pacific Tea, a Montvale, N.J.-based supermarket chain, filed for bankruptcy on Dec. 12. Its Chapter 11 case number is 10-24549.

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