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ACME, Stop & Shop reduce A&P purchases

The Great Atlantic & Pacific Tea Co.'s sale of 70 stores to Acme Markets Inc. and 24 stores to Stop & Shop went through the morning of Sept. 21. While both Acme and Stop & Shop previously announced plans to purchase a greater number of locations, the sale of these stores is expected to save nearly 11,000 employees' jobs.AP

Acme Markets originally entered into an agreement to acquire 76 A&P stores in Connecticut, Delaware, Maryland, New Jersey, New York and Pennsylvania. Of the six locations it will no longer purchase, four operate under the A&P banner and two operate under the company's Superfresh banner. This will drop the purchase price from $255.7 million to $243.1 million.

In addition, Ahold's Stop & Shop division was initially going to acquire 25 of the A&P stores in Greater New York for $146 million; however, that has been reduced to 24 locations and roughly $127 million.

Key Food Stores Co-op Inc. is still expected to purchase 17 stores, but that deal has been delayed.

Once the largest U.S. supermarket chain with more than 15,000 stores, A&P filed for chapter 11 bankruptcy protection on July 19. At the time the company announced plans to sell 118 stores and close an additional 25; however, it is expected to sell all remaining stores at auction Oct. 1 and Oct. 2.