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Acme, Stop & Shop adjust offers in A&P sale
The auction of A&P stores to “stalking horses” Acme and Stop & Shop are to go on as scheduled Monday, although with five fewer stores than initially anticipated.
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The auction of A&P stores to “stalking horses” Acme and Stop & Shop are to go on as scheduled Monday, although with five fewer stores than initially anticipated.
Acme is pulling out of its initial agreement to purchase A&P stores in Yonkers, Milwood, Bedford and Croton-on-Hudson, N.Y., as well as a Superfresh in Newark, Del. In addition, Acme and A&P have agreed to an adjustment in their agreement to transfer a Superfresh store in Gladwynne, Pa.
Those changes will reduce the number of stores Acme is buying from A&P in the deal from 76 to 72, and adjusts its total consideration from $255.7 million to $243.1 million, according to papers filed with U.S. Bankruptcy Court. Acme did not disclose a reason for pulling out of the deal, although the sales agreements allow for the buyer to pull out in the case of antitrust concerns or if it is unable to reach agreement with the store’s landlord.
In addition, an A&P store that was to be sold to Stop & Shop — a Mount Kisco, N.Y. store said to be the company’s most lucrative — has received a higher offer and will be excluded from the sale by A&P. This possibility was mentioned at the time of the initial stalking horse announcement in August.
The excluded stores will now be included in a separate auction scheduled for next month.
Follow @SN_News for updates throughout the day.
A hearing on the sale of 17 stores to Key Food Stores Co-operative has been delayed to allow for Key Food and union workers at the stores to work out an agreement. Unions representing workers at Stop & Shop and Acme have approved their transfer and are expected to reach labor agreements with the buyers.
A&P, which is seeking a sale of all of its stores to raise funds for creditors, is seeking bids for stores through this week.
Editor's note: An earlier version of this story said bids for stores were due Monday.
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