Tuesday, December 14, 2010

A&P Grocery Chain Files for Bankruptcy

Bankruptcy has been filed by the grocery chain A&P, who says it is drained of cash during the sluggish economy.
As of the largest U.S. grocers, Great Atlantic &Pacific Tea Co own about 400 stores with brands like Waldbaum's, Pathmark, Super Fresh and A&P.
The company filed Chapter 11 in New York with more than $ 1 billion in assets and the same amount in debt.
A&P had nearly $9 billion in sales in its fiscal year to February 2010, but it has been losing cash at a rate of nearly $5 million a week.
Since 1859, The Great Atlantic &Pacific Tea Company Inc. (A&P) has fulfilled the shopping needs of families throughout North America with freshness, quality, variety and value.
In December 2007, Pathmark Supermarkets, with its 141 stores, joined the A&P Family of Supermarkets.
Read more here