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MONTVALE, NJ – Grocer A&P, which emerged from bankruptcy in March 2012, announced on Tuesday that it is under contract for the sale of its real estate interests in a few non-core store locations.
The pending deals are a combination of leasehold sales and sale-leaseback transactions that are expected to generate proceeds for the company in excess of $130 million, the retailer stated.
"This opportunity to unlock substantial real estate value from some of our owned and leased properties will provide additional liquidity as we continue to execute on our strategic initiatives and invest in our stores for growth,” stated A&P president and CEO Sam Martin.
The company operates more than 300 stores in six states under the A&P, Best Cellars, Food Basics, The Food Emporium, Pathmark, Superfresh and Waldbaum's trade names.
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