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In conjunction with A&P's bankruptcy filing, Ahold's New York-based Stop & Shop division has inked a deal to acquire 25 metro New York-area stores from The Great Atlantic & Pacific Tea Co. for $146 million. Upon completion, Ahold plans to convert the Waldbaum's, Pathmark and A&P stores that are part of the agreement into Stop & Shop stores.
The transaction is expected to close in the second half of 2015.
The agreement is subject to further terms and conditions set forth therein and relating to A&P’s (Chapter 11) bankruptcy proceedings filed on July, which include the potential of a subsequent auction, under which another higher bid or bids could be received and accepted by A&P for these stores. The agreement is also conditioned on regulatory requirements, including antitrust approval, and the fulfillment thereof.
Quincy, Mass.-based Stop & Shop currently employs over 59,000 associates and operates 395 stores throughout Massachusetts, Connecticut, Rhode Island, New York and New Jersey.