A&P Turns Over Leases for 34 Locations
MONTVALE, NJ - According to new court filings from bankrupt retailer A&P, the company will be turning over 34 store leases to the respective locations' landlords that it has not been able to sell.
The move, approved by a White Plains, NY, Judge, will allow the landlords of the properties to lease the space to new tenants, whether they are grocery store operators or not, reports Newsday Long Island.
“We now have the freedom to market the space to whomever we want to,” Steve Appas, Leasing Director for Serota Properties and landlord of a former Waldbaum’s told Newsday. “As for any future tenants, we are already in discussions with many different retailers of all shapes, sizes, and uses. Unfortunately, they are all too early in the process for us to identify them to the public.”
In the same proceeding, the Judge approved requests by A&P to be removed from the constraints of its remaining real estate leases, that include locations like its Montvale, N.J, headquarters and all 51 of its Long Island locations.
A&P originally filed for bankruptcy in July 2015, when it began the lengthy process of liquidating its business of 296 supermarkets and other stores under several brands, including Waldbaum's, SuperFresh, Pathmark, Food Basics, The Food Emporium, Best Cellars, and A&P Liquor.
According to Newsday, these new lease rejections are meant to eliminate unnecessary costs to A&P, with the rejections being applied retroactively to the end of last month.
There is no indication that this will be the last we hear of A&P’s bankruptcy proceedings, so stay tuned to AndNowUKnow for more.