The operator of the A&P supermarket chain won bankruptcy court approval to sell 95 of its stores for $370 million.
Acme Markets Inc. is buying 71 stores from Great Atlantic & Pacific Tea Co. for $246 million, while Stop & Shop Supermarket Co. is taking on 24 locations for $124 million.
U.S. Bankruptcy Judge Robert Drain approved the sales Monday at a hearing in White Plains, New York. The deals will keep more than 10,750 people employed. Acme and Stop & Shop expect to reach labor agreements with the union representing workers at those stores, Ray Schrock, a lawyer for A&P, said at the hearing.
To read the rest of the story, please go to: Bloomberg