MONTVALE, N.J. — A&P here said it was looking to sell its 16 Food Emporium stores in New York City, and would use the proceeds to invest in its other stores.
“We commenced a marketing process of The Food Emporium in early September,” A&P said in a statement. “The Food Emporium represents a unique urban footprint that requires a specific go-to-market strategy. Therefore, we’ve made the decision to market these 16 Manhattan stores to a variety of prospective buyers. The sale will enable parent company A&P to support the company’s long-term strategic vision to be the No. 1 food and drug store in every neighborhood it serves.”
Read more: A&P to Close 2 NYC Stores
A&P acquired the Food Emporium chain in 1986 from Shopwell Group and considered putting the chain up for sale prior to filing for bankruptcy protection in 2010. At that time, one analyst valued the chain at up to $200 million. Its holdings include the iconic “Bridgemarket” store located underneath the Queensboro Bridge on the Upper East Side of Manhattan.
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