Grocer Files For Chapter 11 Bankruptcy:The Great Atlantic & Pacific Tea Co., once the nation's largest grocer, has filed for Chapter 11 bankruptcy protection as it struggles with enormous debt and increased competition from low-priced peers.
The 151-year-old company, based in Montvale, N.J., operates 395 stores around the Northeast under the A&P, Waldbaum's, The Food Emporium, Super Fresh, Pathmark and Food Basics grocery stores banners.
The filing was widely anticipated. The company – known to most as A&P – has been bleeding red ink for some time. According to the filing submitted late Sunday in bankruptcy court in White Plains, N.Y., the company listed total debts of more than $3.2 billion and assets of about $2.5 billion.....Read more
