Forging ahead with turnaround plan, A&P enters sale-leaseback deal
MONTVALE, N.J. Grocer A&P, which is in the midst of a turnaround, has entered into an agreement with Winstanley Enterprises and certain affiliated entities to sell six of its retail locations for $89.8 million, exclusive of closing costs, in a sale-leaseback deal.
Winstanley agreed to purchase 100% of the company's interest in six Pathmark retail properties located in New York, New Jersey, Pennsylvania and Delaware. The properties are 95% occupied and leased to A&P.
"This agreement is another step forward in our comprehensive turnaround strategy. We continue to analyze areas across the business to identify ways such as these to further strengthen our financial foundation and improve our performance," stated Sam Martin, president and CEO of A&P.