Forging ahead with turnaround plan, A&P enters sale-leaseback deal
MONTVALE, N.J. Grocer A&P, which is in the midst of a turnaround, has entered into an agreement with Winstanley Enterprises and certain affiliated entities to sell six of its retail locations for $89.8 million, exclusive of closing costs, in a sale-leaseback deal.
Winstanley agreed to purchase 100% of the company’s interest in six Pathmark retail properties located in New York, New Jersey, Pennsylvania and Delaware. The properties are 95% occupied and leased to A&P.
"This agreement is another step forward in our comprehensive turnaround strategy. We continue to analyze areas across the business to identify ways such as these to further strengthen our financial foundation and improve our performance," stated Sam Martin, president and CEO of A&P.
FDA grants fast-track designation for CDI vaccine
SWIFTWATER, Pa. A vaccine for a bacterial infection that affects the gastrointestinal tract has been granted expedited approval by the Food and Drug Administration.
French drug maker Sanofi-Aventis announced Tuesday that it had received fast-track designation from the FDA for its investigational Clostridium difficile vaccine. The FDA grants the designation to ease the development of new drugs and vaccines for serious or life-threatening conditions or unmet medical needs.
C. difficile infection, or CDI, is one of the most common hospital-acquired infections in the developed world. The bacteria are present without causing symptoms in around 60% of infants and 3% of adults. Antibiotic treatments sometimes can disrupt the bacteria in the gut, causing C. difficile to multiply and release toxins that cause the symptoms associated with CDI.
American Greetings’ Yakety Yaks cards talk back
CLEVELAND Everyday objects are taking center stage in a new line from American Greetings.
The new Yakety Yaks line features innovative music and motion technology in which quirky characters belt out hilarious songs that are perfect for celebrating any occasion, the company said.
"[Yakety Yaks] definitely put a smile on our faces while we were working on the line, and they are sure to put a smile on any recipient’s as well," said Carol Miller, executive director of new product concepts at American Greetings.