The Great Atlantic & Pacific Tea Company Inc. found a buyer for its A&P, Waldbaum's and Food Basics supermarket banners, according to a news release from Hilco Streambank, which acted as the exclusive broker to the company.
With the sale of the three brands, as well as miscellaneous brands and other intellectual property assets, the company has now sold all of its intellectual property assets.The company, once among the largest grocery retailers in the world, filed for bankruptcy in 2015. The buyer remains undisclosed.
"We are pleased to have assisted in the sale of these intellectual property assets," says Hilco Streambank senior vice president Richelle Kalnit. "Such supermarket banners, including A&P and Waldbaum's, have a long and rich history in the Northeast. We are excited to see how the new owners of these brands will continue the legacy."
The Great Atlantic & Pacific Tea Company was started in 1859, focused on tea. Its first small grocery store was opened in 1912 and the chain grew to encompass nearly 16,000 stores by the 1930s.