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MONTVALE, N.J. — A little over a year after emerging from bankruptcy protection, grocery chain A&P is apparently looking for a buyer.
A little over a year after emerging from bankruptcy protection, grocery chain A&P is apparently looking for a buyer.
According to The Wall Street Journal, in an internal memo sent to employees in late July chairman Gregory Mays lays out a number of options for the company to fund its growth, among them raising capital and a refinancing.
The memo says that selling the company is also a possibility.
Some have suggested that the company could sell for more than $1 billion.
"This is about options to grow the business, not about being in distress," an A&P spokesman told the newspaper. "It’s a desire for capital, not a need for capital."
Kroger Co., Ahold NV and buyout firm Cerberus Capital Management LP have been mentioned as possible buyers.
A&P had about 400 supermarkets before going into bankruptcy in December 2010. It emerged from bankruptcy as a privately held company in March 2012.
The company, which operates stores under the Food Emporium, Pathmark, Super Fresh and A&P banners, now operates about 320 stores.
