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Sale of subletted stores could raise $28M for A&P

A&P has asked the court overseeing its Chapter 11 bankruptcy case to approve sales of 10 subletted leases that would raise nearly $28 million for its estate.

The so-called “sandwich leases” cover former A&P store spaces since rented to other users.

TJX Companies, operator of the Marshall’s and TJ Maxx stores, was named high bidder for two properties, including a site in Norwalk, Conn., operating as a TJ Maxx store receiving a bid of $17.525 million. TJX also made a top bid of $5 million for the lease of a former Pathmark site in Commack, N.J., which currently operates as a TJ Maxx.

Other bidders include Big Lots (Lexington, Md.) and real estate company Balboa Retail, which bid for five leases, court documents show.

In other events in the case, Judge Robert Drain approved the sale of A&P’s Edison, N.J., store to Tawa Inc., operator of the 99 Ranch Market chain.

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