ZAANDAM, The Netherlands – Koninklijke Ahold’s Stop & Shop division entered into an agreement to buy 25 A&P stores in the Greater New York area for $146 million. The deal is subject to terms and conditions related to The Great Atlantic & Pacific Tea Company’s bankruptcy proceedings.
The transaction is expected to close in the second half of 2015. The unit of Ahold plans to convert Waldbaums, Pathmark and A&P locations to the Stop & Shop banner. Stop & Shop was established in 1914. The division currently operates 395 stores throughout Massachusetts, Connecticut, Rhode Island, New York and New Jersey.
A&P filed for bankruptcy under Chapter 11 of the US Bankruptcy Code. The chain said it will sell a total of 120 stores for approximately $600 million, in addition to closing 25 stores.
