Judge OKs Sale Of 71 A And P Stores To Acme And 24 To Stop And Shop, Report States

A U.S. Bankruptcy Judge approved the sale of 95 A&P and Pathmark stores to Acme and Stop & Shop for $370 million, a move that helped preserve 10,750 union jobs, The Record reported.

Acme will take over ownership of the A&P stores in Mahwah, Fort Lee, Saddle Brook, Woodcliff Lake, Allendale, and Midland Park and Pathmark stores in Bergenfield, Edgewater, and Elmwood Park, the report states. Stop & Shop will take over an A&P in Closter and and Pathmark in Kinnelon.

Acme paid $246 million for 71 A&P-owned stories, and Stop & Shop paid $124 million for 24 stores, the report states. The stores are expected to be converted to Acme and Stop & Shop stores in the middle to late October. ACME originally offered to pay $256 million for 76 stores; Stop & Shop offered $146 million for 25 stores, The Record reported.

The deadline for bids was originally Sept. 11, but it was extended twice; A&P had hoped to auction off the remaining stores Oct. 1 and 2, according to the report.

The fate of 13 other stores in Bergen and Passaic counties is uncertain as the company is still seeking buyers for those stores; 25 A&P-owned stores were closed earlier this month, the report states.

The Bergen County-based supermarket chain announced earlier this year it would be filing for bankruptcy. Many store locations were purchased by other companies, including Acme, Stop & Shop, and Key Foods.