CAMP HILL, Pa. — Rite Aid Corp. has purchased pharmacy files from 12 A&P supermarkets for about $8.1 million. The deal was approved late last month in bankruptcy court.
The files are from pharmacies in stores — including seven in New Jersey — that A&P earmarked for immediate closing when it filed for bankruptcy in July. The grocer said the stores were unlikely to be purchased for continued operation as supermarkets.
A&P had petitioned bankruptcy judge Robert Drain for a quick decision on the deal, saying that it had to “consummate the sale as soon as possible to provide a seamless transition for their customers after the pharmacies close.”
The grocer was “burning cash at a rate of $4.5 million a week,” it said in an August court filing. Tim McDonagh, the company’s financial advisor, said in a filing “the gap between the debtor’s assets and liabilities is widening.” As of the end of February the chain had assets of $1.6 billion and liabilities of $2.3 billion.
The grocer has bids for 118 of its stores in six states from Stop & Shop Supermarket Co., the Acme Markets subsidiary of Albertsons, and Key Food Stores Co-operative Inc.
The biggest offer is Acme’s bid to buy 76 stores in New York, New Jersey, Connecticut, Pennsylvania, Maryland and Delaware. The stores operate under the A&P, Superfresh and Pathmark banners. The deal would expand Acme’s store count from 107 to 183.
Stop & Shop, a subsidiary of Ahold USA, wants to purchase 25 stores, 22 in New York and three in New Jersey. Two of the outlets carry the A&P banner, 14 are Pathmark stores, and nine are Waldbaum’s units. Key Food is seeking to purchase 19 stores.