A&P emerges from Chapter 11
MONTVALE, N.J. — Grocer A&P has emerged from bankruptcy as a privately held company.
As previously announced, Mount Kellett Capital Management, The Yucaipa Cos. and investment funds managed by Goldman Sachs Asset Management, have provided $490 million in debt and equity financing to sponsor A&P’s reorganization plan and complete its balance sheet restructuring. In addition, JP Morgan and Credit Suisse arranged a $645 million exit financing facility.
“In just over one year, we have completed a thorough restructuring of A&P’s cost structure and balance sheet to build a strong foundation for the company’s future,” stated Sam Martin, A&P’s president and CEO. “With the full support of our financial partners, the new A&P is committed to delivering exceptional value and an enhanced in-store experience to all of our customers across our more than 300 neighborhood food and drug stores.”
A&P and its subsidiaries filed for Chapter 11 on Dec. 12, 2010.
As part of the restructuring process, A&P assembled a new management team; adjusted its store footprint around its core markets; negotiated a new supply and logistics agreement with its principal supplier, C&S Wholesale Grocers; and worked with the local unions representing A&P’s associates to modify their collective bargaining agreements. A&P also refurbished stores, eliminated closed store leases and opened a brand new Superfresh store in Philadelphia’s Northern Liberties neighborhood.
“We greatly appreciate the support of our associates, vendors, unions and community leaders throughout the restructuring process, and we especially thank our customers for their loyalty and commitment to shopping at our stores. Going forward, we remain committed to investing in our stores and providing our customers with new products that match their health-and-wellness needs and reflect the diversity of the neighborhoods we serve,” Martin added.
MinuteClinic offering discount on spring sports, camp physicals
WOONSOCKET, R.I. — With sign-ups for spring sporting events under way, adding physical exams to parents’ to-do lists, MinuteClinic is promoting its sport and camp physicals and is offering them for a discounted price through Sept. 30.
Through Sept. 30, MinuteClinic will offer sports and camp physicals at $49 — $10 off the standard price of $59. Coaches, athletic directors, and team and group leaders can help participants take advantage of an additional $5 discount for teams or groups of 12 or more that register online in advance.
Pre-participation physicals, required by many states, schools and recreation leagues, are administered by MinuteClinic nurse practitioners and physician assistants who specialize in family health care.
"Our clinicians perform a thorough assessment of a child’s health that includes a review of medical history, immunizations, height and weight, followed by a physical exam," stated Paulette Thabault, MinuteCinic chief nurse practitioner officer. "We also offer useful recommendations to help parents and children prevent illness or injury during organized sports, such as information on proper hydration and the importance of stretching before and after practice and games."
Once a child is cleared to play, MinuteClinic practitioners stamp any required forms and reference the exam results on the official patient summary. With patient permission, copies of the medical record can be transmitted by electronic record, fax or mail to a primary care provider. Typically this occurs within 24 hours. Sports physicals should not replace an annual wellness visit with a primary care provider, according to Thabault.
In addition to sports physicals, MinuteClinic offers camp, college, administrative and Department of Transportation physicals on a daily basis at most of its CVS/pharmacy locations around the country. Insurance is not accepted for physical exams. Payment is due at the time of the visit and additional lab charges may apply. Requirements for physicals vary by state, and services are not available in Massachusetts.
A&P names CFO
MONTVALE, N.J. — Grocer A&P has promoted Raymond Silcock to CFO. He succeeds Frederic (“Jake”) Brace, who is resigning from his roles as chief restructuring, financial and administrative officer in conjunction with A&P’s emergence from Chapter 11. Brace will continue to serve the company in an advisory capacity.
“I am delighted that Ray Silcock has agreed to assume the role of CFO, as we mark A&P’s emergence with a strong foundation for future performance,” stated Sam Martin, A&P’s president and CEO. “Ray brings to A&P significant food industry experience as a CFO of both private and public companies. Since joining the company in December, Ray has worked alongside Jake and the entire finance team to complete our restructuring and put in place the right financial foundation to support our emergence as a private company.”
“I want to personally thank Jake Brace for his significant contributions to the company. Over the last year-and-a-half, Jake has played a central role in helping guide the company through the Chapter 11 process, advance our turnaround and successfully transform A&P into a much stronger company.”
Silcock, who will report to Martin, joined A&P in December 2011 as head of finance. Prior to joining A&P, he was executive-in-residence at Palm Ventures LLC, a private equity firm. Over the previous 15 years, he served as CFO of a number of public and privately held companies in the food and beverage industry, including UST Inc., Swift & Co. and Cott. Silcock began his career at Campbell Soup Co., where he served in a variety of financial roles of increasing responsibility over his 18-year tenure.