According to multiple reports, A&P, formally known as the Great Atlantic and Pacific Tea Company, has hired Credit Suisse to help review strategic alternatives that may include selling the company. A&P brands include Pathmark, which recently announced the closing of three stores in New Jersey, as well as Superfresh, Waldbaum's, The Food Emporium and Food Basics.
Bloomberg News reports that A&P may also raise new capital from investors, consider new business partners or refinance the company.
A&P, which emerged from bankruptcy last year, has more than 300 locations. The Wall Street Journal said yesterday that the company's asking price could be as high as $1 billion.
Showing posts with label A and P. Show all posts
Showing posts with label A and P. Show all posts
Friday, July 26, 2013
Wednesday, July 10, 2013
Pathmark closing three South Jersey stores
Several reports yesterday confirmed that A&P officials told employees that the company was closing Pathmark stores in Cherry Hill, Camden and Edgewater Park in 60 days. The closings will leave Ventnor as home to the only Pathmark in New Jersey. A&P closed Super Fresh stores in Westmont, Marlton and Plainsboro earlier this year.
The closing may be especially troublesome for Camden, often referred to as a food desert. However, ShopRite plans to open a store in Lawnside within the next couple years (ShopRite to open store in Camden County's Lawnside Township). The new store will be about 10 minutes from the Pathmark location.
According to a union official that represents employees at Pathmark, A&P said they were "losing a lot of money..."
Supermarket analyst Matthew Casey said all three stores were unprofitable.
In a news report last night on one of the major networks, the reporter claimed that shopping patterns for thousands of people would change due to the closings. I would argue that if shopping patters hadn't already changed, the stores wouldn't be closing.
Wednesday, May 15, 2013
Philly's fragmented market weeding out "losers"
A recent story in the Supermarket News says that Philadelphia's grocery landscape is "largely being written by its losers." And by losers Supermarket News means Genuardi's, Acme and A&P (Pathmark, SuperFresh).
Genuardi's is down to one store, and the exit of the once mighty brand set the stage for Giant to compete with ShopRite as the market's leading grocer. No one is sure yet what will happen to Acme, which is now part of the investor group led by Cerberus, and A&P continues to struggle.
Bob Gorland of Matthew P. Casey & Associates claims that no other metro area in the entire U.S. has as many chain and strong independent operators as Philadelphia, noting that every major club store and drug chain is here, not to mention "numerous price operators of all shapes and sizes."
The result is a fragmented market, with "losers" giving way to gainers like Giant, ShopRite, Wegmans, Walmart and Bottom Dollar. And the biggest opportunities ahead, according to Gorland, are for the stronger competitors to take over the weaker ones.
Below are the market share leaders for the 11-county Philadelphia market, according to Metro Market Studies, a firm based in Tuscon, AZ.
Note that this is a faulty list, as ShopRite is listed by operator, not as one brand. Last June's Food Trade News market study listed ShopRite as the clear market leader of the 15-county Delaware Valley.
Giant - 15.1%
Acme - 14.9%
Walmart - 5.9%
Pathmark - 5.6%
BJ's - 4.9%
Costco - 4.7%
Wawa - 4.6%
Wegmans - 4.0%
Brown's ShopRite - 3.6%
Zallie ShopRite - 3.1%
Genuardi's is down to one store, and the exit of the once mighty brand set the stage for Giant to compete with ShopRite as the market's leading grocer. No one is sure yet what will happen to Acme, which is now part of the investor group led by Cerberus, and A&P continues to struggle.
Bob Gorland of Matthew P. Casey & Associates claims that no other metro area in the entire U.S. has as many chain and strong independent operators as Philadelphia, noting that every major club store and drug chain is here, not to mention "numerous price operators of all shapes and sizes."
The result is a fragmented market, with "losers" giving way to gainers like Giant, ShopRite, Wegmans, Walmart and Bottom Dollar. And the biggest opportunities ahead, according to Gorland, are for the stronger competitors to take over the weaker ones.
Below are the market share leaders for the 11-county Philadelphia market, according to Metro Market Studies, a firm based in Tuscon, AZ.
Note that this is a faulty list, as ShopRite is listed by operator, not as one brand. Last June's Food Trade News market study listed ShopRite as the clear market leader of the 15-county Delaware Valley.
Giant - 15.1%
Acme - 14.9%
Walmart - 5.9%
Pathmark - 5.6%
BJ's - 4.9%
Costco - 4.7%
Wawa - 4.6%
Wegmans - 4.0%
Brown's ShopRite - 3.6%
Zallie ShopRite - 3.1%
Wednesday, March 20, 2013
A&P to see $130 million gain from real estate transactions
A&P, parent company of Super Fresh, Pathmark and others, announced last week that pending leasehold sales and sale-leaseback deals are expected to generate in excess of $130 million for the company. The properties affected were not identified.
President Sam Martin said the additional liquidity will help A&P invest in its stores and execute its strategic initiatives.
A&P, which emerged from bankruptcy a year ago, has continued to struggle and recently closed three Philadelphia area Super Fresh stores and has expressed interest in selling its Food Emporium chain.
President Sam Martin said the additional liquidity will help A&P invest in its stores and execute its strategic initiatives.
A&P, which emerged from bankruptcy a year ago, has continued to struggle and recently closed three Philadelphia area Super Fresh stores and has expressed interest in selling its Food Emporium chain.
Thursday, January 3, 2013
A&P close to a sale of its Food Emporium chain
According to a story in Crain's New York Business, the sale of A&P's 16-store Food Emporium chain in Manhattan is imminent. As of late last month, the investment banking firm Duff & Phelps was soliciting final bids from buyers, including Kings Food Markets, a 24-store chain that operates in New Jersey, Long Island and Connecticut, that wants several of the Food Emporium stores.
Gristedes, which operates approximately 30 stores in Manhattan and surrounding areas, submitted a bid for the entire chain, but it appears A&P is leaning towards a sale to multiple buyers.
The Crain's story also reports that the union representing some of Food Emporium's 1,100 employees is suing A&P to stop a sale to buyers who would not honor its current labor contracts, although such a buyer would only have to honor the contracts if A&P made it a condition of the sale.
A&P, officially known as the Great Atlantic & Pacific Tea Company, also owns Pathmark, Super Fresh, Waldbaum's and Food Basics grocery stores.
Gristedes, which operates approximately 30 stores in Manhattan and surrounding areas, submitted a bid for the entire chain, but it appears A&P is leaning towards a sale to multiple buyers.
The Crain's story also reports that the union representing some of Food Emporium's 1,100 employees is suing A&P to stop a sale to buyers who would not honor its current labor contracts, although such a buyer would only have to honor the contracts if A&P made it a condition of the sale.
A&P, officially known as the Great Atlantic & Pacific Tea Company, also owns Pathmark, Super Fresh, Waldbaum's and Food Basics grocery stores.
Wednesday, November 14, 2012
Three Super Fresh stores to close in NJ
A&P has announced it will close three New Jersey Super Fresh stores in January. The stores are located in Evesham (Marlton), Haddon Township and Plainsboro.
Since New Jersey-based A&P filed for bankruptcy protection nearly two years ago, several of its banners have closed in the state, including many Pathmark stores and a Super Fresh. Stores have been closed elsewhere as well. The company emerged from bankruptcy as a private company earlier this year.
According to Super Fresh's website, there are currently 25 stores operating, including the three slated for closure. 12 are in Pennsylvania, six in New Jersey, five in Delaware and two in Maryland.
Overall, A&P operates more than 300 stores under the A&P, Food Basics, The Food Emporium, Pathmark, Super Fresh and Waldbaum's banners.
Since New Jersey-based A&P filed for bankruptcy protection nearly two years ago, several of its banners have closed in the state, including many Pathmark stores and a Super Fresh. Stores have been closed elsewhere as well. The company emerged from bankruptcy as a private company earlier this year.
According to Super Fresh's website, there are currently 25 stores operating, including the three slated for closure. 12 are in Pennsylvania, six in New Jersey, five in Delaware and two in Maryland.
Overall, A&P operates more than 300 stores under the A&P, Food Basics, The Food Emporium, Pathmark, Super Fresh and Waldbaum's banners.
Thursday, September 13, 2012
A&P to sell Food Emporium's Manhattan stores
The Great Atlantic and Pacific Tea Company (A&P), the parent company of Pathmark and Super Fresh, announced earlier this week it is selling Food Emporium's 16 Manhattan locations. The stores, its leases and the brand name are for sale.
Earlier this year A&P emerged from bankruptcy as a private company, and also with 75 fewer stores than it had pre-bankruptcy. In addition to Pathmark and Super Fresh, the company owns Waldbaum's and Food Basics. Analysts believe the proceeds from the sale of Food Emporium will be invested into the other A&P brands.
Tuesday, July 17, 2012
A&P to shift accounting work to India
A&P (Super Fresh, Pathmark) announced last week that it plans to outsource certain accounting functions to India. The company expects the transition will be completed by February 2013. No word yet on how many employees will be impacted.
Tuesday, May 29, 2012
A&P going local with store design and product mix
A new marketing strategy for A&P and it's brands (including Pathmark and Super Fresh in the Philadelphia region) is emerging as the formerly bankrupt company tries to increase sales and profits. The new approach, which includes physical improvements and merchandise tailored to the stores' locations, reflects an attempt to make each location "the supermarket of the neighborhood," according to a company spokesperson.
Currently each store looks and feels very much the same as every other store under that specific banner. Going forward, however, A&P plans to renovate or "renew" more than half the company's 320 locations by making the look and product mix a reflection of each store's neighborhood. Advertising will change appropriately as well.
Industry expert Matthew Casey, president of Matthew P. Casey & Associates, thinks A&P has the right idea, but doesn't think the company can pull it off, citing the high cost of such an effort.
Currently each store looks and feels very much the same as every other store under that specific banner. Going forward, however, A&P plans to renovate or "renew" more than half the company's 320 locations by making the look and product mix a reflection of each store's neighborhood. Advertising will change appropriately as well.
Industry expert Matthew Casey, president of Matthew P. Casey & Associates, thinks A&P has the right idea, but doesn't think the company can pull it off, citing the high cost of such an effort.
Monday, March 26, 2012
A&P gets B- rating from S&P
In assigning newly reorganized and private company A&P a B- credit rating and negative outlook last week, Standard and Poor's said the company should be able to maintain adequate liquidity and improve its overall performance in the coming years, but will still lag competitors' operating metrics and be vulnerable to sales declines and a slow economy.
S&P projected sales for A&P, which recently emerged from federal bankruptcy, to improve by 2-3% in 2013. However, S&P also said that "even in our most optimistic expected performance scenarios, we would expect the company's credit ratios to remain in line with indicative ratios of highly leveraged financial risk profiles."
S&P projected sales for A&P, which recently emerged from federal bankruptcy, to improve by 2-3% in 2013. However, S&P also said that "even in our most optimistic expected performance scenarios, we would expect the company's credit ratios to remain in line with indicative ratios of highly leveraged financial risk profiles."
Wednesday, March 14, 2012
A&P emerges from bankruptcy as private company
In a statement today, A&P said it emerged from bankruptcy as a private company, having completed a court-approved financial restructuring. It had filed for bankruptcy in December 2010. The company said that JPMorgan Chase and Credit Suisse arranged for $645 million in exit financing.
A&P also said that it assembled a new management team, refurbished stores and concentrated them near core markets, negotiated a new agreement with its main supplier and made necessary changes to its collective bargaining contracts with unions.
A&P (The Great Atlantic & Pacific Tea Company) operates under the names A&P, Super Fresh, Pathmark and Food Emporium.
A&P also said that it assembled a new management team, refurbished stores and concentrated them near core markets, negotiated a new agreement with its main supplier and made necessary changes to its collective bargaining contracts with unions.
A&P (The Great Atlantic & Pacific Tea Company) operates under the names A&P, Super Fresh, Pathmark and Food Emporium.
Monday, March 12, 2012
Pathmark to close South Jersey store
A&P, whose plans to emerge from bankruptcy were approved last month, announced last week it is closing its Pathmark store in Lawnside, NJ next month. The company cited the store's lease expiration as the reason for the closing.
Tuesday, February 7, 2012
Giant buys two supermarkets in the Baltimore area
Giant said last week that it has reached an agreement with Natural Market Restaurant Group to buy two Fresh & Green's stores in the Baltimore area. Both stores were among the eight Fresh & Green's branded stores that Natural Market Restaurant Group bought from A&P last year.
The transaction could close as early as tomorrow, and the transition to the Giant banner is expected to take 6-8 weeks. An existing Giant that is close to one of the Fresh & Green's locations being sold will soon close.
Earlier this month Giant announced that it would buy 16 Genuardi's stores in Pennsylvania for $106 million.
The transaction could close as early as tomorrow, and the transition to the Giant banner is expected to take 6-8 weeks. An existing Giant that is close to one of the Fresh & Green's locations being sold will soon close.
Earlier this month Giant announced that it would buy 16 Genuardi's stores in Pennsylvania for $106 million.
Wednesday, January 11, 2012
A&P to close 14 stores, including one Pathmark in PA
In the past year, A&P has closed about 60 stores as they make plans to emerge from bankruptcy. And on Monday, 14 more closures were announced. The only Pennsylvania store slated to close is the Pathmark in Upper Moreland (Huntingdon Valley). The other stores include the following:
Three NJ Pathmarks (Manahawkin, Kearney and Egg Harbor Township)
Six NY Waldbaums and one NY Pathmark
Two NJ A&Ps (Garfield, Bayonne) and one CT A&P
The company expects to close the stores during its first fiscal quarter, which begins February 26.
Three NJ Pathmarks (Manahawkin, Kearney and Egg Harbor Township)
Six NY Waldbaums and one NY Pathmark
Two NJ A&Ps (Garfield, Bayonne) and one CT A&P
The company expects to close the stores during its first fiscal quarter, which begins February 26.
Thursday, December 1, 2011
NJ union workers approve plan to help save A&P
Members of 13 New Jersey chapters of the United Food and Commercial Workers International Union voted earlier this week to approve a deal designed to help get their employer, A&P (Super Fresh, Pathmark), out of bankruptcy. The plan, which was approved 7,200 - 1,827, will lower wages by about three percent and decrease vacation time but keep the employee health plan free from any co-pays.
The Great Atlantic & Pacific Tea Company has more than 13,000 employees in New Jersey. It filed for bankruptcy protection last December, and passage of the deal by the unions sets the stage for the company to emerge from bankruptcy (pending court approval) thanks to a $490 million buyout bid by The Yucaipa Companies, a California-based investment firm.
Friday, November 4, 2011
Whole Foods, Wakefern reach sales milestones; A&P has deal to exit bankruptcy
Whole Foods Market announced earlier this week that sales for the fiscal year ending September 25 rose 12.2% compared to the previous year and passed the $10 billion mark. During the fiscal year comparable-store sales rose 8.4% and net income increased 39.4% to over $343 million.
For the fourth quarter, the company's sales rose 12.2% compared to the same period one year ago. In addition, net income climbed 31% to over $75 million, and comp-store sales rose 8.7%.
Wakefern Food Corp. (ShopRite, PriceRite) also reached new sales heights. The company announced last week that it reached $12.8 billion in retail sales for the fiscal year ending October 1. Wakefern's sales numbers reflect an 8.5% increase compared to the previous year. Ten new ShopRite stores and two new PriceRite stores opened during the fiscal year.
As for A&P (Super Fresh, Pathmark), the company announced yesterday that it has entered into an agreement to receive almost $500 million in debt and equity financing from private investors. The agreement, which is subject to approval from the U.S. Bankruptcy Court, will enable A&P to emerge from Chapter 11 as a private company early next year. This announcement comes nearly a year since the 152-year old company filed for Chapter 11 bankruptcy.
For the fourth quarter, the company's sales rose 12.2% compared to the same period one year ago. In addition, net income climbed 31% to over $75 million, and comp-store sales rose 8.7%.
Wakefern Food Corp. (ShopRite, PriceRite) also reached new sales heights. The company announced last week that it reached $12.8 billion in retail sales for the fiscal year ending October 1. Wakefern's sales numbers reflect an 8.5% increase compared to the previous year. Ten new ShopRite stores and two new PriceRite stores opened during the fiscal year.
As for A&P (Super Fresh, Pathmark), the company announced yesterday that it has entered into an agreement to receive almost $500 million in debt and equity financing from private investors. The agreement, which is subject to approval from the U.S. Bankruptcy Court, will enable A&P to emerge from Chapter 11 as a private company early next year. This announcement comes nearly a year since the 152-year old company filed for Chapter 11 bankruptcy.
Wednesday, October 12, 2011
Bottom Dollar celebrates first birthday in Greater Philly
It was one year ago (October 8, 2010) that Food Lion opened its first area Bottom Dollar store in King of Prussia, PA. Since then, 21 more Bottom Dollar stores in the Greater Philadelphia market have opened. In that same time period, many companies, including Supervalu (Acme), Safeway (Genuardi's) and A&P (Pathmark, Super Fresh) have closed several stores.
According to a Bottom Dollar press release, the company has created nearly 1,000 jobs in the Philadelphia area. It operates 50 stores from New Jersey to North Carolina, with almost half of them in Pennsylvania and New Jersey. More Bottom Dollar food stores are expected to open later this year.
More "Running with Equity Retail" blog posts about Bottom Dollar:
July 2011: Bottom Dollar confirms 14 stores for Pittsburgh
November 2010: I stopped in the North Wales Bottom Dollar Food Store
November 2010: The subtle differences between Bottom Dollar, Aldi and Save-A-Lot
According to a Bottom Dollar press release, the company has created nearly 1,000 jobs in the Philadelphia area. It operates 50 stores from New Jersey to North Carolina, with almost half of them in Pennsylvania and New Jersey. More Bottom Dollar food stores are expected to open later this year.
More "Running with Equity Retail" blog posts about Bottom Dollar:
July 2011: Bottom Dollar confirms 14 stores for Pittsburgh
November 2010: I stopped in the North Wales Bottom Dollar Food Store
November 2010: The subtle differences between Bottom Dollar, Aldi and Save-A-Lot
Wednesday, October 5, 2011
A&P reports big loss while ShopRite, Fresh Grocer win awards
A&P (Super Fresh, Pathmark) reported last week that it posted $528 million in sales and lost $34.4 million during the four-week period that ended on August 13. The loss for the previous four-week period was $15.6 million on sales of $558 million.
The company, which was incorporated over 110 years ago, filed for bankruptcy protection last December.
Meanwhile, New Jersey-based Wakefern Food Corp. (ShopRite) recently won an industry award and Philadelphia-based The Fresh Grocer will receive multiple honors in the coming weeks.
In winning the 2011 Supermarket News (SN) Excellence Award, SN reporter Mark Hamstra lauded Wakefern/ShopRite, "whose powerful business model leverages both the spirit of the independent operator and the collective power of a cooperatively owned wholesaler."
Wakefern is the nation's largest retail-owned cooperative. Its 46 member companies own and operate more than 200 supermarkets under the ShopRite banner in CT, DE, MD, NJ, NY and PA.
The Fresh Grocer, which has seven supermarkets in or near Philadelphia, will receive business leadership awards in the coming weeks from JEVS Human Services, the Marriott Foundation's Bridges, and the Welcome Center for New Pennsylvanians. All three organizations work closely with The Fresh Grocer to provide job placement and employment opportunities in underserved communities.
The company, which was incorporated over 110 years ago, filed for bankruptcy protection last December.
Meanwhile, New Jersey-based Wakefern Food Corp. (ShopRite) recently won an industry award and Philadelphia-based The Fresh Grocer will receive multiple honors in the coming weeks.
In winning the 2011 Supermarket News (SN) Excellence Award, SN reporter Mark Hamstra lauded Wakefern/ShopRite, "whose powerful business model leverages both the spirit of the independent operator and the collective power of a cooperatively owned wholesaler."
Wakefern is the nation's largest retail-owned cooperative. Its 46 member companies own and operate more than 200 supermarkets under the ShopRite banner in CT, DE, MD, NJ, NY and PA.
The Fresh Grocer, which has seven supermarkets in or near Philadelphia, will receive business leadership awards in the coming weeks from JEVS Human Services, the Marriott Foundation's Bridges, and the Welcome Center for New Pennsylvanians. All three organizations work closely with The Fresh Grocer to provide job placement and employment opportunities in underserved communities.
Friday, August 26, 2011
Giant, Super Fresh and Bottom Dollar open in Philadelphia
In the last month, Giant, Super Fresh and Bottom Dollar have opened stores in Philadelphia. The Giant and Super Fresh stores are especially noteworthy.
The new Giant location, which opened in Northeast Philadelphia in late July and measures 74,000 square feet, is the company's first foray into the city. Developer Peter Abrams told the Philadelphia Inquirer last month that a move to Philadelphia was "the next logical jump for them," referring to Giant's significant growth in the suburbs. In fact, the location represents Giant's eight new store in Southeastern PA since 2008.
The 51,000 square foot Super Fresh in Northern Liberties is noteworthy for two reasons. First and foremost, it opened today in a section of Philadelphia that did not have a supermarket. Secondly, a Super Fresh opening anywhere is a big event. This is a brand that is shrinking, not growing, and its parent company (A&P) is in bankruptcy.
Originally this site, developed by Bart Blatstein, was planned as a Pathmark, but with A&P's troubles, the plan was in serious jeopardy. Thankfully for the NoLibs residents, A&P not only decided to proceed with one of their brands, but (according to today's Inquirer story) it offers fresh seafood from the Philadelphia Fish Market, regionally raised poultry and beef, locally grown produce, an in-store bakery, and a pharmacy with patient counseling, immunizations and free home delivery. With the addition of this location, there are currently five Super Fresh and 11 Pathmark supermarkets in Philadelphia.
Bottom Dollar's new location in Northeast Philadelphia is the company's second city store, and a third is planned for early next year. Bottom Dollar also added a Lansdowne site last week, bring the number of locations in Pennsylvania to 19, according to its website.
The new Giant location, which opened in Northeast Philadelphia in late July and measures 74,000 square feet, is the company's first foray into the city. Developer Peter Abrams told the Philadelphia Inquirer last month that a move to Philadelphia was "the next logical jump for them," referring to Giant's significant growth in the suburbs. In fact, the location represents Giant's eight new store in Southeastern PA since 2008.
The 51,000 square foot Super Fresh in Northern Liberties is noteworthy for two reasons. First and foremost, it opened today in a section of Philadelphia that did not have a supermarket. Secondly, a Super Fresh opening anywhere is a big event. This is a brand that is shrinking, not growing, and its parent company (A&P) is in bankruptcy.
Originally this site, developed by Bart Blatstein, was planned as a Pathmark, but with A&P's troubles, the plan was in serious jeopardy. Thankfully for the NoLibs residents, A&P not only decided to proceed with one of their brands, but (according to today's Inquirer story) it offers fresh seafood from the Philadelphia Fish Market, regionally raised poultry and beef, locally grown produce, an in-store bakery, and a pharmacy with patient counseling, immunizations and free home delivery. With the addition of this location, there are currently five Super Fresh and 11 Pathmark supermarkets in Philadelphia.
Bottom Dollar's new location in Northeast Philadelphia is the company's second city store, and a third is planned for early next year. Bottom Dollar also added a Lansdowne site last week, bring the number of locations in Pennsylvania to 19, according to its website.
Friday, August 5, 2011
A&P scrapping low price project, seeking more time to reorganize
A&P says their effort to introduce everyday low prices at its A&P, Super Fresh and Waldbaums stores didn't resonate with consumers and hurt profits. Therefore, the "Lower Price Project" launched in March 2010 that replaced discounts and coupons by establishing lower everyday prices on 10,000 items, has been scrapped.
A&P has been operating under Chapter 11 bankruptcy protection since December, and earlier this week they asked the bankruptcy court for a second extension of its deadline to submit a reorganization plan to its creditors. The first extension has a December 31 deadline, but the company would like until January 16, 2012 to submit their plan, saying the additional 16 days would assure stability through the holiday season.
In order to increase profitability, A&P is counting on new supply and labor agreements made during their bankruptcy period, but positive results "are taking longer to realize than originally anticipated," according to a company filing. The filing also notes that A&P's turnaround strategy has had a negative impact on their profitability and cash flow from operations.
In the company's first quarter, which ended June 18, 32 store were closed in the fresh and Pathmark divisions, while 25 Super Fresh stores in Maryland and Washington D.C. were closed or sold.
See the Supermarket News story.
A&P has been operating under Chapter 11 bankruptcy protection since December, and earlier this week they asked the bankruptcy court for a second extension of its deadline to submit a reorganization plan to its creditors. The first extension has a December 31 deadline, but the company would like until January 16, 2012 to submit their plan, saying the additional 16 days would assure stability through the holiday season.
In order to increase profitability, A&P is counting on new supply and labor agreements made during their bankruptcy period, but positive results "are taking longer to realize than originally anticipated," according to a company filing. The filing also notes that A&P's turnaround strategy has had a negative impact on their profitability and cash flow from operations.
In the company's first quarter, which ended June 18, 32 store were closed in the fresh and Pathmark divisions, while 25 Super Fresh stores in Maryland and Washington D.C. were closed or sold.
See the Supermarket News story.
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