A&P files Chapter 11 – again
Another effort being made to prop up the once-flourishing A&P grocery store chain.
Great Atlantic & Pacific Tea Co. Inc.
The Food Emporium
MONTVALE, N.J.—Once one of the largest grocery chains on the planet, Great Atlantic & Pacific Tea Co. Inc. (A&P) has, on July 19, 2015, filed for Chapter 11 bankruptcy protection for the second time in the past five years, announcing it is in talks to sell one-third of its 296 stores.
Founded as a mail-order business in 1859, by the early 20th Century, A&P operated over 15,000 stores.
Nowadays, the company operates (for now) under the store brands: A&P, Best Cellars, Food Basics, The Food Emporium, Pathmark, Superfresh and Waldbaum’s.
A&P indicates it is, in the near-term, closing 25 stores and will eventually sell about 120 stores for US$600-million.
Christopher McGarry has been designated its chief restructuring officer.
A&P first filed for bankruptcy in 2010, and re-emerged in 2012 as a private company only after getting a financial injection from investors including Goldman Sachs and an affiliate of billionaire Ron Burkle.
A&P is headquartered in Montvale, N.J. – see image at top, taken from the A&P Wikipedia entry. CC BY-SA 3.0