A&P sells off intellectual property

The Great Atlantic & Pacific Tea Co., which entered bankruptcy nearly three years ago before closing all of its stores, sold "substantially all of its intellectual property assets," which consist of its store banners and private labels. Hilco Streambank, a company retained by A&P in 2015, announced that it brokered the sale of 23 A&P brand names, including the following:

Supermarket Banners: Pathmark, Super Fresh, A&P, Food Emporium, Waldbaum's, Food Basics, among others

Private Labels: America's Choice, Greenway, Woodson & James, Hartford Reserve, Great Atlantic Seafood Market, among others

According to a Hilco spokesperson, the sale resulted "in a seven-figure overall recovery."

Some of the transactions were disclosed publicly, and they included the $1.75 million sale of Food Emporium IP assets to the Key Food Cooperative, and the $1 million sale of Pathmark IP assets to a unit of Foodtown operator PSK Supermarkets.

A&P, founded in New York City in 1859, was the world's largest retailer by 1930 with nearly $3 billion in annual sales and 16,000 stores.

Key Food Co-op acquires Super Fresh name

Earlier this month the Key Food Cooperative reported that it had acquired the Super Fresh brand from A&P and that it is "planning to open several stores under the Super Fresh banner in the near future, the first of which may be as early as this month."

Key Food previously acquired the Food Emporium banner in a bankruptcy auction and is using that name on properties it acquired from A&P in Manhattan.

Last November the Key Food Cooperative completed the purchase of 23 A&P stores, bringing the total number of stores under its management to 212. It is the largest grocer in New York City.

According to the report, the Super Fresh banner was created in Philadelphia in 1982 as part of a deal between organized labor and A&P. A&P filed for bankruptcy and ceased operations last year after 156 years in business.

A&P has sold 167 of 296 stores; all remaining supermarkets to go dark by Thanksgiving

To quote the Food Trade News, "The wind down of the once iconic Great Atlantic & Pacific Tea Company goes on and the results continue to be underwhelming."

The publications November issue reports that 167 of the 296 stores have been sold, with another 20 awaiting sales approval from the bankruptcy court. All the stores are slated to shut their doors by November 25.

The 167 stores have sold for a total of $615.7 million, and the 20 additional stores to be sold will bring in another $81 million, pending approval.  A&P has also sold inventories and pharmacy records (about $100 million between the two), and has received a $1.75 million offer from Key Foods to acquire the Food Emporium name.

Once all the stores are closed and A&P is no longer under bankruptcy protection, landlords stuck with vacant stores and no rental income will be free to market their properties (with some exceptions, as per the ongoing bankruptcy process).

So far, 71 stores have been sold to Acme, most of which have already re-opened. Stop & Shop and Key Food Stores acquired 25 and 24 units, respectively. Wakefern (13) and Best Yet (10) also bought multiple stores.

Reference: Food Trade News

A&P looking for buyers

Last week A&P, which operates under the Super Fresh and Pathmark banners in the Greater Philadelphia market, acknowledged that it is "seeking alternatives for its business," adding that a sale of the company was only one of its options.

In other words, A&P is for sale.

According to a New York Post story, A&P is looking to sell 137 of its 301 stores, including all 10 of its Food Emporium stores in Manhattan, high-volume Pathmark stores in Queens and Staten Island, and low-volume A&P stores.

A&P may put itself up for sale

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.

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.

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.

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.

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.