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Key Food Stores Co-Operative Inc. has acquired The Food Emporium banner name and related intellectual property assets from the Great Atlantic & Pacific Tea Co. (A&P). Staten Island, N.Y.-based Key currently has four New York stores operating under The Food Emporium banner.
In October, Key Food purchased 24 stores from the bankrupt A&P, which the cooperative estimates has added about $400 million in annual retail sales, for total annual retail sales of $2.3 billion.
“Key Food is excited to own The Food Emporium name and to be associated with this storied brand in the New York market,” said Key Food CEO Dean Janeway. “This is an exciting time for our company as we integrate The Food Emporium and other stores acquired from A&P into our supermarket family.”
The company has revealed its intention to “refresh” The Food Emporium banner, although it hasn't yet provided any details on how, and is expanding its reach by rebranding selected existing stores that fit the concept’s upscale model, as well as through new store acquisitions.
Peter J. Solomon Co. was exclusive financial adviser to Key Food, with Ropes & Gray LLP acting as the grocer’s lead outside legal counsel for the transaction.
Key Food comprises more than 215 primarily member-owned and corporate grocery stores under such banners as Key Food, Food Universe, Key Food Marketplace, Key Fresh & Natural, Food Dynasty, The Food Emporium, Urban Market, and various other banners in all five New York City boroughs, Long Island, upstate New York, New Jersey, Connecticut and Pennsylvania.