Bankrupt grocery chain A&P continued its efforts to sell off its remaining store leases Friday, getting bankruptcy court approval for deals involving seven stores, including three in Morris County.
The Acme chain bought the leases for the A&P store in Boonton, and for a supermarket in Putnam County, N.Y., and a liquor store in Old Greenwich, Conn., for a combined $1.3 million. The Fresh Emporium Food Market Corp purchased the lease for two former Pathmark supermarkets near Lake Hopatcong, taking over a Woodport store for $1,450,000 and a Landing store for $400,000.
Montvale-based A&P, which filed for bankruptcy in July and announced plans to liquidate all of its stores and exit the grocery business, has been negotiating deals to sell the leases on most of its stores, and rejecting the leases and returning the remaining stores to their landlords, for the past five months. As the bankrupt company completes its real estate deals, it will move into the next phase of its bankruptcy and begin dealing with claims from creditors.
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