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AP Bankruptcy

AP Bankruptcy - After a week of rumors that Great Atlantic & Pacific Tea, which was once known as the largest grocer in the U.S., was headed for bankruptcy, finally last night announced it filed for Chapter 11.This comes after a year of battling to profit in the sluggish economy and maintain financial stability.

The company that started back in 1859 in New York City, owns supermarket chains under the names Pathmark, Super Fresh and Waldbaum’s.

AP Bankruptcy

No need to race to the shopping carts just yet, on A&P’s press release they assure shoppers they will continue to conduct business and serve customers at its 395 stores. The Company’s stores are fully stocked with their complete range of high quality products, and all existing customer promotional and customer loyalty programs will stay in place.

The Company will also have access to $800 million in debtor in possession financing, which will enable it to continue paying local suppliers, vendors and employees.

A&P President and Chief Executive Officer Sam Martin said, “We have taken this difficult but necessary step to enable A&P to fully implement our comprehensive financial and operational restructuring. While we have made substantial progress on the operational and merchandising aspects of our turnaround plan, we concluded that we could not complete our turnaround without availing ourselves of Chapter 11.

AP Bankruptcy

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