MONTVALE, N.J. — The sale of 95 A&P stores to ACME and Stop & Shop supermarket chains was approved in bankruptcy court today, northjersey.com reports.
The $370 million sale includes 71 stores to ACME (parent company Albertsons) for $246 million and 24 stores to Stop & Shop for $124 million, the report says. The Montvale-based company has an additional 172 stores up auction on Oct. 1 and 2.
The majority of Bergen County properties included in today’s sale will become ACME, including A&Ps in Allendale, Midland Park, Mahwah, Fort Lee, Saddle Brook and Woodcliff Lake, and Pathmarks in Bergenfield, Edgewater and Elmwood Park, according to northjersey.com . Closter A&P and the Kinnelon Pathmark were sold to Stop & Shop.
The sale is expected to save more than 10,750 jobs company wide, with the new owners working to reach labor agreements with the union representing workers at those stores, according to the report.
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