Attention Pathmark shoppers: your local supermarket may soon be sold.
On Thursday, The Wall Street Journal (subscription required) reported that Pathmark parent company, Great Atlantic & Pacific Tea Co. (A&P), is seeking to sell the company after emerging from bankruptcy in 2012.
The Journal, citing an internal company memo sent to store managers by Great Atlantic Chairman Gregory Mays, said a number of options to fund growth are being explored. Among those options are raising capital and a refinancing. The memo also indicated sale of the company is possible.
The New Jersey-based A&P operated about 400 supermarkets before filing for bankruptcy in December 2010. Sales were $8.8 billion at that time.
Today, the company has about 320 stores under various names including Pathmark, Food Emporium, Super Fresh and A&P.
There are a handful of Pathmark stores locally, including one at 492 Atlantic Ave. in East Rockaway.