MONTVALE, N.J. — A&P here said Tuesday it has agreed to sell six Pathmark locations to Winstanley Enterprises in a sale-leaseback transaction for $89.8 million.
The stores are located in New York, Pennsylvania, New Jersey and Delaware.
The sale of five of the six properties was closed Tuesday, and the transaction for the sixth property is expected to close later this week, A&P said.
"This agreement is another step forward in our comprehensive turnaround strategy," said Sam Martin, president and chief executive officer, A&P. "We continue to analyze areas across the business to identify ways such as these to further strengthen our financial foundation and improve our performance."
According to a filing with the Securities and Exchange commission, the stores are located in Upper Darby, Pa.; Lawnside, N.J.; Seaford, N.Y.; Baldwin, N.Y.; Queens, N.Y.; and Wilmington, Del.