Great Atlantic Mulling Sale of Food Emporium Chain
Great Atlantic & Pacific Tea Co. (GAP) may sell its Food Emporium stores to help boost liquidity, The Wall Street Journal reported.
The supermarket operator has said it will consider selling "non-core assets" to improve liquidity. The company announced losses of $122.6 million, or $4.83 a share, for the quarter ended June 19.
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Great Atlantic has hired investment bank Peter J. Solomon to gauge investor interest in purchasing the luxury Food Emporium chain, The Wall Street Journal reported without naming its sources.
The chain could sell for more than $200 million to potential bidders including private equity outfits Angelo, Gordon & Co., and Sterling Investment Partners.
