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The Great Atlantic & Pacific Tea Company, Inc.
2 Paragon Drive
Montvale, NJ  07645
                                     For financial questions, call Terry Galvin
                                             Vice President, Investor Relations
                                                                 (201) 571-8192
                             For non-financial questions, call Richard De Santa
                                              Vice President, Corporate Affairs
                                                                 (201) 571-4495

                 THE GREAT ATLANTIC & PACIFIC TEA COMPANY, INC.
                 ANNOUNCES PROGRAM TO IMPROVE OPERATING RESULTS;
                     UPDATES FISCAL 2001 EARNINGS GUIDANCE

Montvale, New Jersey, November 14, 2001 - The Great Atlantic & Pacific Tea
Company, Inc. (A&P NYSE-GAP) today announced a program to improve operating
results by disposing of underperforming assets. The asset dispositions will
include 39 stores, the majority of which will close before the end of the fiscal
year (February 23, 2002).

The Company also said that earnings for its third quarter (ending December 1,
2001) would be in the range of $.05 to $.08 per share, at the high end of
analysts' estimates reported in First Call. The Company reconfirmed its previous
earnings expectation of at least breaking even for the year fiscal 2001. The
Company noted that its earnings guidance was before charges related to the asset
dispositions, which will reduce reported results.

Under the asset disposition program, which concludes the Company's
previously-disclosed review of underperforming stores, A&P expects to incur
costs and accrue charges in the range of $115 to $125 million after tax, in
order to write down fixed assets, close stores, incur restructuring costs, and
accrue for future occupancy expenses. Approximately $100 million of the costs
will be non-cash or deferred payout.

The Company expects to recognize approximately $110 million of these after tax
charges during the third quarter, equivalent to about $2.87 per share. The
remainder of the charges will be recognized in the fourth quarter of fiscal 2001
and the first half of fiscal 2002. In addition to the disposition costs, the
Company will continue to incur non-accruable operating losses in the
underperforming stores until they close. The Company said it would provide
disclosure regarding the disposition costs and store losses as it reports future
results.




The asset disposition program will generate cash from reduction of inventories,
elimination of store losses, and sale of assets. Since most of the expenses
involved are either non-cash or deferred payout costs, the Company expects the
net cash impact to be positive by approximately $20 million in the first twelve
months, and remain positive through the program's completion.

Christian Haub, Chairman of the Board, President and Chief Executive Officer,
said, "This action completes an important phase of our turnaround program, and
will significantly improve EBITDA and earnings and will reduce debt. After the
program is concluded in the middle of fiscal 2002, we estimate the annualized
rate of benefit to EBITDA will be approximately $15 million, and the annualized
rate of benefit to earnings will be approximately $.35 per share.

"We are pleased that our operating performance continues to improve in the third
quarter as the result of the initiatives we have implemented this year, and we
expect to generate further improvement through the balance of fiscal 2001," said
Mr. Haub. "The program we announced today underlines our commitment to take the
actions necessary to position our Company for breakthrough performance in the
months and years ahead."

The Company invites investors to listen to an audio Webcast of a conference call
discussing this announcement by accessing a link on the Shareholder Information
page of A&P's Web site, www.aptea.com. The live Webcast is at 9:30 AM Eastern
Time, Wednesday, November 14, 2001, with replays available through December 31,
2001.

Founded in 1859, A&P was one of the nation's first supermarket chains, and today
is one of North America's 10 largest. As of its latest quarterly report, the
Company operates 743 stores in 15 states, the District of Columbia and Ontario,
Canada under the following trade names: A&P, Waldbaum's, Food Emporium, Super
Foodmart, Super Fresh, Farmer Jack, Kohl's, Sav-A-Center, Dominion, The Barn
Markets, Food Basics and Ultra Food & Drug.

This release contains forward-looking statements about the future performance of
the Company, which are based on Management's assumptions and beliefs in light of
the information currently available to it. The Company assumes no obligation to
update the information contained herein. These forward-looking statements are
subject to uncertainties and other factors that could cause actual results to
differ materially from such statements including, but not limited to:
competitive practices and pricing in the food industry generally and
particularly in the Company's principal markets; the Company's relationships
with its employees and the terms of future collective bargaining agreements; the
costs and other effects of legal and administrative cases and proceedings; the
nature and extent of continued consolidation in the food industry; changes in
the financial markets which may affect the Company's cost of capital and the
ability of the Company to access capital; supply or quality control problems
with the Company's vendors; and changes in economic conditions which affect the
buying patterns of the Company's customers.


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