A&P to close 25 locations as part of turnaround strategy
Montvale, N.J. The Great Atlantic & Pacific Tea Co. said Friday that it will close 25 stores in five states as part of its turnaround strategy.
The operator of the A&P store chain said the affected stores include those that are in close proximity to others, facing real estate and cost issues and underperforming stores.
A&P president and CEO Sam Martin said the closures are “absolutely necessary to strengthen A&P’s operating foundation and improve our performance going forward.”
The closures are expected to be completed in the company’s fiscal third quarter.
Modell’s to open on Upper West Side
New York City Manhattan-based Robert K. Futterman & Associates said Thursday it has arranged for a long-term, 7,316-sq.-ft. lease for Modell’s Sporting Goods at 350 Amsterdam Ave., between 76th and 77th Streets in Manhattan.
The new store is located at the base of The Harrison, an 18-story, 125-unit luxury residential condominium designed by Robert A.M. Stern. It will be Modell’s first store with its new smaller concept.
Modell’s currently operates 144 stores throughout New York; New Jersey; Pennsylvania; Connecticut; Rhode Island; Massachusetts; New Hampshire; Delaware; Maryland; Virginia; and Washington, DC.
NAI Las Vegas merges with The Sauter Cos.
Las Vegas NAI Las Vegas said Thursday it has entered a partnership with Summerlin, Nev.-based The Sauter Cos. to merge staff and services and operate as NAI Las Vegas.
The Sauter Cos. expands NAI Las Vegas’ service offerings in multi-family brokerage.
Under the terms of the merger, The Sauter Cos. will operate as the Summerlin branch of NAI Las Vegas.