German retailer Tengelmann expects to exit its holding in Great Atlantic & Pacific Tea (A&P) (GAPTQ.PK) when the U.S. grocery store chain emerges from bankruptcy protection. "We hope that A&P can be led out of its insolvency. But we do not believe that we will be significant shareholders after the process ends," Tengelmann Chief Executive Karl-Erivan Haub told reporters on Thursday. A&P, once the largest U.S. grocer, filed for bankruptcy protection in December as it ran low on cash and was squeezed by discounters like Costco Wholesale Corp (COST.O), Wal-Mart Stores Inc (WMT.N) and Target Corp (TGT.N). "A&P is currently in freefall," Tengelmann's Chief Financial Officer Jens-Juergen Boeckel said. Tengelmann, which owns about 38 percent of A&P, said last year it expected the company to be combined with another retailer in the long term. It has now fully written off the value of its stake in A&P.
Costco Wholesale Corporation (Costco) operates membership warehouses that offer its members low prices on a limited selection of branded and selected private-label products in a range of merchandise categories. Shares of COST remained unchanged at $80.84. In the past year, the shares have traded as low as $53.41 and as high as $83.95. On average, 2309340 shares of COST exchange hands on a given day and today's volume is recorded at 0.
Wal-Mart Stores, Inc. (Walmart) operates retail stores. Shares of WMT remained unchanged at $54.02. In the past year, the shares have traded as low as $47.77 and as high as $57.90. On average, 10396400 shares of WMT exchange hands on a given day and today's volume is recorded at 0.
Target Corporation (Target) operates Target general merchandise stores with an assortment of general merchandise and food assortment. Shares of TGT remained unchanged at $50.83. In the past year, the shares have traded as low as $48.23 and as high as $60.97. On average, 7115960 shares of TGT exchange hands on a given day and today's volume is recorded at 0.
Source
