Tengelmann-owned grocer A&P has announced that it will close 25 stores in five US states in a move to stabilise its ailing business.
According to the German company, stores affected include “locations in close proximity to other company stores, those facing real estate and cost issues, and underperforming non-core stores”. This will lead to about a 5% cut in the workforce.
Sam Martin, the company’s newly appointed president and chief executive, said the closures and staff cuts were “absolutely necessary to strengthen A&P’s operating foundation”.
The company also said it was continuing a financial review to see whether “it makes economic sense to close additional stores”.
No comments yet