Massachusetts-based supermarket chain Stop & Shop is making a big play in the New York City market, with plans to acquire 25 stores from the bankrupt Great Atlantic & Pacific Tea Co., better known as A&P, for $146 million.
Of the 25 locations – which include the namesake A&P brand as well as Pathmark and Waldbaum’s – 11 are based in the city, with six in Queens, two in Brooklyn, two in the Bronx and one in Staten Island.
A&P, which has a total of 38 locations in the five boroughs, filed for Chapter 11 bankruptcy protection Sunday, according to Crain’s, after struggling to compete with higher-end and trendier brands like Whole Foods and Trader Joe’s.
Despite having 395 stores across the Northeast, Stop & Shop has a small presence in the city with just five locations dotting Brooklyn and Queens. The acquired A&P locations will convert to the Stop & Shop brand when the transaction is finalized, given no higher bids are made as part of A&P’s bankruptcy auction. [Crain’s] – Rey Mashayekhi