A&P secures court OK to sell total of 95 stores for $370 million

By Caroline Salls

Pittsburgh, Sept. 22 – The Great Atlantic & Pacific Tea Co., Inc. received court approval of the sale of two groups of its stores to Acme Markets, Inc. and the Stop & Shop Supermarket Co., LLC, according to orders filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.

Acme Markets agreed to pay $246 million for 71 stores and other assets. Stop & Shop agreed to pay $124 million for 24 stores and other assets.

As previously reported, A&P extended the global bid deadline for the sale of 160 of its other stores to 5 p.m. ET on Sept. 21, saying it had received more than 100 bids for those stores.

The Great Atlantic & Pacific Tea Co., a Montvale, N.J.-based operator of supermarkets, filed for bankruptcy on July 19. The Chapter 11 case number is 15-23007.

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