A&P finalizes sale of seven Connecticut stores

Montvale, N.J. The Great Atlantic & Pacific Tea Co. said Tuesday it has completed its transaction with Big Y Foods, to sell seven store locations in northern Connecticut.

The sale is part of a previously announced turnaround strategy for the grocery chain.

"The seven stores were clearly outside of our core markets and this transaction helps advance our comprehensive turnaround strategy,” said Sam Martin, A&P president and CEO. “We continue to evaluate our operating footprint and move forward with steps that strengthen our financial foundation and improve our performance.”

Total sale proceeds were $24.6 million, which included asset price and inventory.