The Great Atlantic & Pacific Tea Company, Inc. Announcement

In response to a number of shareholder inquiries, The Great Atlantic & Pacific Tea Company, Inc. (A&P, NYSE Symbol: GAP) today announced that the Company’s Consolidated Balance Sheet and its liquidity were not impacted by the September 15, 2008 bankruptcy filing of Lehman Brothers Holdings Inc. ("Lehman”) and certain of its subsidiaries, including Lehman Brothers International (Europe) ("Lehman Europe”) which was placed in administration in the United Kingdom. Lehman is not a party to the Company’s indebtedness under its Revolving Credit Agreement with Bank of America N.A. or its Senior Note obligations. Availability under the Revolving Credit Agreement was approximately $160 million at the end of the second quarter ended September 6, 2008 and there are no financial covenants under the Company’s loan agreements.

In addition, Lehman Europe is party to a 3.2 million share lending agreement with the Company entered into in connection with the Company’s Convertible Note financings in December 2007. However, until the Company has more information regarding the bankruptcy proceedings involving Lehman and Lehman Europe and can properly assess whether Lehman Europe will be able to fulfill its obligation to return the borrowed shares, the Company will continue to consider the shares outstanding for corporate law purposes only and not for the purpose of computing and reporting per share results.

Founded in 1859, A&P is one of the nation's first supermarket chains. The Company operates 446 stores in 8 states and the District of Columbia under the following trade names: A&P, Waldbaum's, Pathmark, Best Cellars, The Food Emporium, Super Foodmart, Super Fresh and Food Basics.

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; the failure to successfully integrate Pathmark’s business and operations and realize synergies in the expected time frame.

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