A&P supermarkets won approval in bankruptcy court to sell 95 of its stores for $370 million. Acme Markets will acquire 71 of those properties for $246 million, and Stop & Shop will acquire 24 locations for $124 million.
A U.S. bankruptcy court in New York approved the sales, which will keep more than 10,750 people employed. Acme and Stop & Shop will work to reach agreements with the unions representing the A&P workers, Bloomberg reported
"The two proposed sales are in the best interest of creditors and employees," U.S. Bankruptcy Judge Robert Drain told Bloomberg. "The prices are clearly the highest for this aggregation of assets."
Other company assets will be sold in an auction on Oct. 1 and 2. Thus far, about 128 bids have been received.
Last month the company sold off all of its pharmacy assets to Rite Aid for $8.1 million.
A&P first filed for bankruptcy protection in July, just three years after another filing. The company owns about 300 locations under the banners Waldbaums, Food Emporium, Super Fresh, Pathmark, Food Basics and its namesake.
-See this Bloomberg article
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