MONTVALE, NJ-Locally headquartered The Great Atlantic & Pacific Tea Co. has hired investment bank Credit Suisse to explore “strategic alternatives” that could include the sale of well-known grocer.
The hiring was revealed in a letter sent to A&P employees and union leaders earlier this week by company chairman Greg Mays, according to The Record.
Mays in the July 22nd letter says the company primarily hopes to raise new capital for store improvements, but does state that a sale is one of four possible scenarios.
"While it's premature to speculate on the exact outcome of the strategic review process, we want to be clear that this financial initiative is the first step toward building a stronger future for our business," the document states.
Supermarket analysts tell the newspaper that when a firm such as Credit Suisse usually is retained, it is usually when a company is looking for a buyer, or considering a sale of assets. See story in The Record.
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