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By Maria Panaritis
INQUIRER STAFF WRITER
The long-awaited supermarket for Philadelphia's Northern Liberties neighborhood, in limbo since the December bankruptcy filing of Pathmark parent company A&P, now appears to be a go.
The owner of the Superfresh grocery chain, which is selling the stores to raise money to pay off debt, said earlier this month that it had found buyers for 12 of 25 stores it was trying to unload. The Great Atlantic & Pacific Tea Co. Inc., based in Montvale, N.J., plans to 13 close stores that have no interested buyers next month.
Montvale-based Great Atlantic & Pacific Tea Co., parent of the A&P grocery chain, said Monday it reached an agreement with its principal wholesale supplier that will allow the supermarket company to save more than $50 million annually, after it exits from Chapter 11 bankruptcy. The new accord must be approved by the bankruptcy court.
By Katy Stech
A bankruptcy judge approved grocery chain operator Great Atlantic & Pacific Tea Co.'s GAPTQ -0.54% request to close 13 Superfresh locations that didn't appeal to bidders at a recent bankruptcy auction, a move that will further shrink the chain's East Coast footprint.
The Great Atlantic & Pacific Tea Company Inc. completed the previously announced auction of 25 southern Superfresh locations, as it continues to fully implement its comprehensive financial and operational restructuring. Three buyers offered bids on 12 stores with 13 stores receiving no bids.