A&P files bankruptcy
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The Great Atlantic Tea & Pacific Co., Montvale, N.J., filed Chapter 11 bankruptcy protection on Dec. 12. According to Associated Press reports, the company listed debts of more than $3.2 billion and assets worth about $2.5 billion.
The 395-unit supermarket chain operates in the Mid-Atlantic and northeastern United States under the A&P, Waldbaum’s, The Food Emporium, Best Cellars, Super Fresh, Pathmark and Food Basics banners.
The company cited competition from nontraditional grocery formats as contributing to its losses. Revenue fell from $9.5 billion in 2008 to $8.8 billion in 2009, and A&P posted a loss of $157.7 million in the most recent quarter and same-store sales fell 6.6 percent.
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