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Monday
Dec132010

A&P Files for Chapter 11 Bankruptcy

Photo Courtesy - The Great Atlantic & Pacific Tea Co.(MONTVALE, N.J.) -- The company that operates grocery store chains A&P, Waldbaums and Pathmark has filed for Chapter 11 bankruptcy.

The Great Atlantic & Pacific Tea Company said Sunday it made the move to “restore the Company to long-term financial health,” and assured shoppers that each of its 395 stores would remain open and fully stocked throughout the reorganization.

“It will allow us to restructure our debt, reduce our structural costs, and address our legacy issues,” A&P President and CEO Sam Martin said of the restructuring.

The company announced in October what it called a “turnaround” plan, which included assigning a new management team, reducing costs and enhancing customer experience.

A&P -- which employs more than 40,000 workers -- also operates stores under the Super Fresh, Best Cellars and The Food Emporium labels.

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