A&P Completes Sale of Coffee Business.Business Editors MONTVALE, N.J.--(BUSINESS WIRE)--Nov. 21, 2003 The Great Atlantic & Pacific Tea Company, Inc. (A&P) said today that it has completed the previously announced sale of its Eight O'Clock Coffee Eight O'Clock Coffee is the brand name of the light roast of coffee introduced by the American supermarket chain A&P in 1919. In the 1929s and 1930s Eight O'Clock coffee had gained over a quarter of the U.S. market share. In 1979 A&P licensed its division Compass Foods, Inc. division to Gryphon Investors, a San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden based private equity firm, for cash and a note. The Company realized proceeds of $107.5 million and received a contingent Note for up to $20 million, the value and payment of which is based on certain elements of the future performance of the Eight O'Clock business. The Company said that Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. served as financial advisor for the transaction. Founded in 1859, A&P was one of the nation's first supermarket chains, and is today among North America's largest. The Company operates 643 stores in 11 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). and Ontario, Canada under the following trade names: A&P, Waldbaum's, The Food Emporium, Super Foodmart, Super Fresh, Farmer Jack, Sav-A-Center, Dominion, The Barn Markets, Food Basics
Food Basics is a no-frills Canadian supermarket chain created by A&P Canada to compete with the successful No Frills warehouse style supermarket operated by Loblaw. and Ultra Food & Drug. |
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