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MONTVALE, N.J. - The Great Atlantic & Pacific Tea Company Inc. on Tuesday announced an agreement to sell seven Kohl's supermarkets in Madison, Wisc., to The Copps Corporation, a subsidiary of Roundy's Inc., based in Pewaukee, Wisc.
Completion of the transaction is subject to customary conditions and reviews.
A&P, which currently operates 31 Kohl's stores in the Madison and Milwaukee markets, also announced that it is exploring the sale of the Milwaukee area stores. In addition, the company announced that it is considering the sale of its Eight O'Clock coffee business.
Christian Haub, chairman, president & CEO, said, "Today's announcements reflect our previously stated plan to reduce debt and lower operating costs. Although difficult, these actions are necessary to revitalize our U.S. business and ensure the long-term success of the company as a whole."
A&P had previously announced the planned divestiture of operations in northern New England. The company said that it does not foresee the sale of other parts of its business at this time.
A&P currently operates approximately 690 stores in 15 states, the District of Columbia, and Ontario, Canada under the following trade names: A&P, Waldbaum's, The Food Emporium, Super Foodmart, Super Fresh, Farmer Jack, Kohl's, Sav-A-Center, Dominion, The Barn Markets, Food Basics and Ultra Food & Drug.