A&P requests court OK to sell pharmaceutical assets

By Mark Reccek

Bethlehem, Pa., Aug. 21 – The Great Atlantic & Pacific Tea Co. Inc. (A&P) requested approval to sell company pharmaceutical assets to Rite Aid for a maximum of $8.03 million, according to a motion filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, Rite Aid will purchase A&P's pharmacy records for $5.73 million and eligible pharmaceutical inventory for a maximum of $2.31 million.

The final sale closings must occur by Sept. 10.

A hearing on the matter is scheduled for Aug. 24.

Great Atlantic & Pacific Tea, a Montvale, N.J.-based supermarket chain, filed for bankruptcy on Dec. 12, 2010. Its Chapter 11 case number is 10-24549.

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