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Look in the Mirror, Say Thanks

Biz BriefsA&P shareholders are laughing all the way to the grocery store. The supermarket giant, known formally as The Great Atlantic & Pacific Tea Co., last week announced a special dividend of $300 million to be paid mostly in cash to its shareholders.

In a press release proclaiming the payout, Chairman Christian Haub said, “We’re very pleased to reward our stockholders…” Indeed. Haub owned more than 57% of the company’s shares as of May 2005.

A&P, based in Montvale, said the extra cash resulted from the sale of its Canadian division last year. Quebec-based Metro bought A&P Canada for some $1.4 billion.

A&P posted a net loss of $71.2 million for its third quarter ending Dec. 3, 2005, on revenue of $1.6 billion compared with a loss of $75.3 million on revenue of $2.5 billion the previous year. The company owns and operates 407 stores largely in the Northeast under retail names like A&P, Waldbaum’s and The Food Emporium.

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