Supermarket operator Great Atlantic & Pacific Tea Co. is seeking to sell all of its remaining stores as part of its Chapter 11 bankruptcy proceeding.
Previously the company had said it would sell some but not all of its stores, and it has received bids for 118. Now it says in U.S. Bankruptcy Court for the Southern District of New York that it will seek bids for the remaining 153 stores as well.
The deadline to submit a bid for one or more stores is Sept. 11. Auctions for stores have been scheduled for Sept. 24 and Sept. 25. The stores to be sold operate under the banners: A&P, Waldbaum's, Pathmark, SuperFresh, Food Basics, The Food Emporium, Best Cellars, and A&P Liquors.
A representative for the company declined to comment.
Acme Markets Inc., Stop & Shop Supermarket Co. and Key Food Stores Co-operative Inc. have already submitted separate bids for a total of 118 stores for about $600 million. Each bid remains subject to higher offers.
A&P filed for Chapter 11 bankruptcy last month. The bankruptcy filing allows the company to continue operating while being protected from creditors.
Stop & Shop said it agreed to acquire 25 A&P stores in New York and New Jersey for $146 million.
Key Food initially agreed to take over 19 stores, but reduced its offers to 17 stores.
Acme Markets agreed to purchase 76 stores in New York, New Jersey, Connecticut, Pennsylvania and Delaware. None of those stores are on Long Island.
The purchase agreements are not final since they are subject to bankruptcy court approval, pending the expected auction.
A&P also announced it will close 25 stores. The stores will close in the next few months but will remain fully stocked until then, the company said.
A&P, based in Montvale, New Jersey, was founded in 1859 and operates nearly 300 stores under several banners. More than 90 percent of about 28,500 employees are represented by one of 12 local unions.
In its Manhattan bankruptcy filing, the company reported total assets of about $1.6 billion and total liabilities of about $2.3 billion, as of Feb. 28.
A&P previously filed for bankruptcy in 2010, emerging in 2012 as a closely held company owned in part by Ron Burkle's Yucaipa Cos.
The deadline to lodge an objection with the U.S. Bankruptcy Court for the Southern District of New York to the proposed sale of the stores is Sept. 11 at 5 p.m. for the 118 stores included in the current bids; and Oct. 2 at 4 p.m. for any of the 153 stores not included in the current bids. The bankruptcy court will conduct a sale hearing on Sept. 21 at 10 a.m. if a bid is the only qualified bid. If there is more than one qualified bid, the hearing to consider the proposals will be on Oct. 7 at 10 a.m.
Interested bidders would contact the A&P's advisers: Manhattan-based Evercore Group LLC and Northbrook, Illinois-based Hilco Real Estate LLC.