Zaandam, the Netherlands – Ahold today announced its Stop & Shop division has entered into an agreement with The Great Atlantic & Pacific Tea Company to acquire 25 A&P stores in Greater New York for $146 million.
Upon completion, Stop & Shop plans to convert the Waldbaums, Pathmark and A&P stores that are part of the agreement into Stop & Shop stores. The transaction is currently 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 19, 2015, which include the potential of a subsequent auction under which other higher bid or bids could be received and accepted by A&P for these stores. The agreement is also conditioned on regulatory requirements including anti-trust approval, and the fulfillment thereof.
Stop & Shop, established in 1914, currently employs over 59,000 associates and operates 395 stores throughout Massachusetts, Connecticut, Rhode Island, New York and New Jersey.
This press release includes forward-looking statements, which do not refer to historical facts but refer to expectations based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those included in such statements. These forward-looking statements include, but are not limited to, statements as to the closing of the transaction. These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Ahold’s ability to control or estimate precisely, such as factors discussed in Ahold’s public filings and other disclosures. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Ahold does not assume any obligation to update any public information or forward-looking statements in this press release to reflect subsequent events or circumstances, except as may be required by applicable laws.