MONTVALE, N.J. — A&P on Friday said recent remarks attributed to an executive at its Germany-based co-owner were taken out of context.
Press reports last week quoted Karl Erivan Haub, a partner of A&P’s majority shareholder the Tengelmann Group and the brother of A&P Executive Chairman Christian Haub, saying that A&P was in “troubled waters” and “needs to be combined with another, bigger company.”
In a prepared statement Friday, Christian Haub said: “Recent press reports on comments from Tengelmann about the future of A&P were taken out of context and may have created a misleading impression about the company's strategic direction.”
A&P, he added, “is taking the steps necessary to make the company stronger and more efficient. Since appointing Sam Martin as president and CEO one month ago and announcing our turnaround strategy, we have moved quickly to assemble an impressive and experienced management team. … Our team is now focused on executing against the turnaround and strengthening the operating foundation of our company. Our executive team, the A&P board and our major shareholders, Tengelmann and Yucaipa, remain fully and intensely focused on achieving an effective turnaround at A&P.”
