MONTVALE, N.J. — Citing people close to the situation, a recent report says that A&P is considering selling its Food Emporium stores as part of a broader effort to boost its liquidity.
Citing people close to the situation, a recent report says that A&P is considering selling its Food Emporium stores as part of a broader effort to boost its liquidity.
The report in the Wall Street Journal follows A&P’s announcement that it will consider the sale of noncore assets after suffering big losses in recent months. The company recently announced that it would close 25 underperforming or noncore locations.
According to the Wall Street Journal report, the investment bank Peter J. Solomon has made an effort to gauge potential buyer interest in Food Emporium. Analysts estimate that Food Emporium could sell for more than $200 million.
Meanwhile, A&P, which operates slightly more than 400 stores under five different banners, recently named Tom O’Boyle executive vice president.
Executives say O’Boyle, who has worked in retailing for more than a quarter century, is charged with developing a “cohesive synergy” between the company’s merchandising, marketing, supply and logistics departments.
"Tom is an expert merchant with a proven track record of aligning merchandising offers with exciting marketing programs to meet customers’ needs," president and chief executive officer Sam Martin says.