Germany-based Tengelmann Group is apparently looking to withdraw from the US after 32 years of operation by selling its stake in bankrupt grocer A&P.
Tengelmann joint chief executive Christian Haub said: “From today’s point of view, it seems rather unlikely that we will continue to hold a stake in A&P.”
Tengelmann is reportedly in conflict with A&P management over struggling Pathmark, which Tengelmann would prefer to see sold off.
A&P currently operates a portfolio of 365 stores across the north eastern US. Tengelmann entered the US by acquiring a stake in A&P