SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
October 23, 2003 (October 20, 2003)
Date of Report (Date of earliest event reported)
THE GREAT ATLANTIC & PACIFIC
TEA COMPANY, INC.
(Exact name of registrant as specified in its charter)
Maryland 1-4141 13-1890974
(State or other jurisdiction of (Commission file number) (I.R.S. Employer
incorporation or organization) Identification No.)
Two Paragon Drive
Montvale, New Jersey 07645
(Address of principal executive offices)
(201) 573-9700
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Item 5. Other Events and Regulation FD Disclosure
On October 20, 2003, The Great Atlantic & Pacific Tea Company, Inc.
(the "Company") issued a press release, which announced that the Company had
reached an agreement to sell its Eight O'Clock coffee division to Gryphon
Investors. A copy of the October 20, 2003 press release is attached hereto
as Exhibit 99.1.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits. The following exhibit is filed herewith:
Exhibit No. Description
-------------------------------------
99.1 Press Release dated October 20, 2003.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: October 23, 2003
THE GREAT ATLANTIC & PACIFIC TEA COMPANY, INC.
By: /s/ William P. Costantini
--------------------------------
William P. Costantini, Senior Vice President,
General Counsel & Secretary
EXHIBIT INDEX
Exhibit No. Description
99.1 Press release dated October 20, 2003
News
The Great Atlantic & Pacific Tea Company, Inc.
2 Paragon Drive
Montvale, NJ 07645
For financial questions, call William J. Moss
Vice President, Treasurer
(201) 571-4019
For non-financial questions, call Richard P. De Santa
Vice President, Corporate Affairs
(201) 571-4495
A&P Reaches Agreement to Sell Coffee Business
MONTVALE, NJ - October 20, 2003-The Great Atlantic & Pacific Tea Company, Inc.
(A&P) today announced an agreement to sell its Eight O'Clock coffee division to
Gryphon Investors, a San Francisco based private equity firm, for cash and a
note. The Company said it will realize cash proceeds of $107.5 million and
receive 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 business. The
completion of the transaction is subject to customary conditions and reviews,
including the closing of the buyer's financing.
Christian Haub, Chairman of the Board, President & Chief Executive Officer of
A&P, said "This transaction will conclude our previously announced asset
divestiture initiative to lower debt and reduce operating costs. This included
the sales of our northern New England and Wisconsin operations earlier this
year.
"Upon completion of the Eight O'Clock coffee transaction, we will have realized
total proceeds of approximately $285 million from the asset divestiture
initiatives. Although difficult, these actions were necessary to the
revitalization of our U.S. business and the Company's long-term success," Mr.
Haub said.
The Company said that Lehman Brothers 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 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 and Ultra Food &
Drug.
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