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QUINCY, MASS.L -- Stop & Shop Supermarket Co. said it has secured bankruptcy court approval for the lease rights for 18 former Ames department stores at a cost of $20 million.
However, not all of the former Ames stores are slated to become Stop & Shop locations, the company said. Under the lease designation agreement approved by U.S. Bankruptcy Court, Stop & Shop has a period of time to market each of the leases and the right to designate a proposed assignee for each lease. The leases included in the agreement involve Ames stores located in New England and one former Ames store in Virginia.
Ames, the former Rocky Hill, Conn.-based discount retailer, had operated nearly 330 stores in the Northeast and mid-Atlantic before it filed for bankruptcy and ultimately closed its stores this past summer. "We expect that many, but not all, of the properties will become new Stop & Shop stores," Stop & Shop spokesperson Kelly O'Connor said in a statement.
The Stop & Shop Supermarket Co. employs more than 57,000 associates and operates 335 stores throughout Connecticut, Massachusetts, New Jersey, New York and Rhode Island.