A&P owner said to be in talks with restructuring advisers
Montvale, N.J. A report released Wednesday said that the Great Atlantic & Pacific Tea Co. has reached out to restructuring advisors to discuss how best to manage its approximately $1 billion in debt.
According to a report by the Wall Street Journal, the company began reaching out to advisors over the summer, talking with Lazard Ltd., Rothschild and Moelis & Co.
It hasn’t considered a bankruptcy filing or hired any restructuring advisers yet, the report said.
Great Atlantic & Pacific said last July that it had a turnaround strategy under way to reduce costs and increase revenue. It also said it was pursuing ways to raise capital, including the sale of some assets.
Walmart to sell Apple’s iPad
Bentonville, Ark. Walmart will start selling Apple’s iPad in some stores by Friday and in a majority of locations by the height of the holiday shopping season.
The chain will sell the iPad at Apple’s suggested retail price, which range from $499 to $829 depending on the model. It will be available online but must be picked up at stores.
Target began selling the iPad earlier this month and Best Buy Co. has carried the computer tablet since it came out in April.
Dollar Tree moves beyond border
The acquisition of 85 Dollar Giant stores in Canada by Chesapeake, Va.-based Dollar Tree gives the company its first international exposure and a potential new avenue of growth. Dollar Tree currently operates 3,961 stores in 48 U.S. states.
“I am excited about the opportunity to expand our presence into Canada,” said Bob Sasser, Dollar Tree president and CEO. “Dollar Giant is an excellent fit for us. This acquisition will enable us to further leverage our resources and infrastructure to offer more value to more customers. It provides Dollar Tree with an outstanding platform for significant, profitable growth in the Canadian market.”
Both companies are single price point retailers. Merchandise sold at Dollar Tree is offered for $1 or less while Dollar Giant sells for $1.25 in Canadian dollars.
Dollar Tree said it expects to complete the $52 million acquisition by mid-November.