Key Food Stores Co-operative Inc. has scaled back its offer and is now looking to buy 16 supermarkets from the Great Atlantic & Pacific Tea Co., including two Waldbaum's locations on Long Island, for $28.5 million.
Key Food modified its bid for the second time, after it had initially agreed in July to take over 19 stores but later reduced its offer to 17 stores, according to court documents filed late Wednesday with the U.S. Bankruptcy Court in White Plains.
Key Food's modified bid, pending court approval, still includes the Waldbaum's in Albertson and Glen Head. The other stores are seven Waldbaum's in New York City, a Pathmark in Brooklyn, a Food Emporium in Manhattan, an A&P in the Bronx and another in Westchester County, as well as three Food Basics in New Jersey.
Mount Vernon-based PSK Supermarkets, Inc., a retailer-owned cooperative that operates Foodtown and Freshtown stores, also bid on two stores for a total of $19.4 million, according to court documents filed late yesterday. Those stores are the Waldbaum's in Rocky Point and a Pathmark in Manhattan. Foodtown already operates five stores on Long Island, according to its website.
Morganville, New Jersey-based Dave-Marion Corp., the property owner of the shopping center in Marlboro, New Jersey, where an A&P store is located, has bid for the lease of that store for $2.9 million.
Separately, A&P is auctioning more than 100 stores over a two-day period starting Thursday.
A&P, founded in 1859, operated nearly 300 stores when it filed for Chapter 11 protection from creditors in July, including 32 Waldbaum's and 19 Pathmarks on Long Island.