A&P To Sell 12 Stores To Wakefern Food For $40 Million

Great Atlantic & Pacific Tea Co. is selling 12 of its stores to Wakefern Food Corp. for $40 million, subject to higher bids at an auction.

In a Thursday filing with U.S. Bankruptcy Court in White Plains, N.Y., A&P asked for the auction in accordance with “discrete” sales procedures already authorized by a judge for the stores that weren’t part of the initial group to be sold when it entered bankruptcy. If no objection is filed, no hearing will be held. If competing bids emerge, A&P will hold an Oct. 8 auction for the stores. If another bidder wins, that party must pay Wakefern a $1.2 million breakup fee.

The stores being sold are 11 A&P, Pathmark and Waldbaums stores in New York and Pennsylvania and one A&P store in Connecticut. Several of the stores are in Philadelphia or the surrounding areas.

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