MONTVALE, N.J. — Funds associated with the Tengelmann Group have scooped up more than 100,000 shares of downtrodden A&P stock, documents filed with the Securities and Exchange Commission on Monday show. The file indicates that Tenglemann, which owns more than 41% of A&P, acquired about 111,000 shares at average prices between $6.04 and $6.32. Documents earlier in the summer showed the group was also buying heavily when stock was trading at about $17 a share.
Stock in A&P is down by more than 80% this year. Officials in a conference call last week said that hedge funds liquidating their holdings amid the financial panic in recent weeks, as well as short sellers, have contributed to the slide. A&P, which has traded as low as $5.08 per share earlier this month, was up more than 10% at the market close on Monday.
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