Great Atlantic&Pacific Tea CEO quits, posts loss

MONTVALE, N.J. (AP) — Supermarkets operator Great Atlantic&Pacific Tea Co. on Tuesday said its chief executive, Eric Claus, resigned and the company posted a wider fiscal second-quarter loss, hurt by rising unemployment and price competition.

Christian Haub, executive chairman, will serve as interim CEO while the company searches for a successor. Shares fell nearly 19 percent.

The operator of the A&P grocery chain posted a loss of $80.3 million, or $3.74 per share, compared with a loss of $18.1 million, or $1.97 per share, last year. The latest quarter ended Sept. 12 included $57.7 million in depreciation and amortization costs.

Revenue at the Montvale, N.J., company declined to $2.07 billion from $2.18 billion.

The grocer's sales at locations open more than one year fell 3.8 percent during the quarter. Same-store sales, or sales at stores open at least a year, are a key measure of retailer performance, because they measure growth at existing stores rather than from newly opened ones.

The company operates 432 stores nationwide under names A&P, Waldbaum's and Pathmark, among other chains. Its shares fell $2.11 to $9.26 in morning trading.