Press Release |
The Great Atlantic & Pacific Tea Company Takes Price Impact's Pathmark Sav-A-Center...
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The Great Atlantic & Pacific Tea Company Takes Price Impact's Pathmark Sav-A-Center to Philadelphia MONTVALE, N.J.--(Business Wire)-- The Great Atlantic & Pacific Tea Company, Inc. (A&P) (NYSE:GAP) today announced another critical phase in its strategic transformation. As part of its long-standing commitment to improve market share, sales and sustainable profitability, the Company will convert the majority of its current SuperFresh store locations in the Philadelphia market to its recently premiered Price Impact format under the Pathmark Sav-A-Center banner. This already popular format has received overwhelming success in its recently launched Irvington, New Jersey and Edison, New Jersey locations. The dramatically re-designed Pathmark format provides customers an expansive variety of fresh products while also offering substantially lower prices. Conversions will be focused on providing customers with a one-stop-shopping experience. As such, the majority of the format conversions in this area will be to the new Pathmark Sav-A-Center Price Impact format. Further, the existing Pathmark stores in this market will also be upgraded to the new Price Impact format. In addition, a number of SuperFresh locations will remain and retain the Fresh format with significant upgrades. "These changes further illustrate the Company's ongoing commitment to the Greater Philadelphia market" states Eric Claus, President and CEO, he further adds "These conversions are the realization of our long-term strategic plan that leverages the addition of Pathmark to our A&P family of supermarkets and allows us to bring the most relevant format to our customers." About A&P Founded in 1859, A&P is one of the nation's first supermarket chains. The Company operates 447 stores in 8 states and the District of Columbia under the following trade names: A&P, Waldbaum's, Pathmark, Best Cellars, The Food Emporium, Super Foodmart, Super Fresh and Food Basics. This release contains forward-looking statements about the future performance of the Company, which are based on Management's assumptions and beliefs in light of the information currently available to it. The Company assumes no obligation to update the information contained herein. These forward-looking statements are subject to uncertainties and other factors that could cause actual results to differ materially from such statements including, but not limited to: competitive practices and pricing in the food industry generally and particularly in the Company's principal markets; the Company's relationships with its employees and the terms of future collective bargaining agreements; the costs and other effects of legal and administrative cases and proceedings; the nature and extent of continued consolidation in the food industry; changes in the financial markets which may affect the Company's cost of capital and the ability of the Company to access capital; supply or quality control problems with the Company's vendors; and changes in economic conditions which affect the buying patterns of the Company's customers; the failure to successfully integrate Pathmark's business and operations and realize synergies in the expected time frame. The Great Atlantic & Pacific Tea Company, Inc. Press Lauren La Bruno Senior Director, Public Relations 201-571-4495 or Investor William J. Moss Vice President, Treasurer 201-571-4019 Copyright Business Wire 2008