News
A&P Back in Bankruptcy Protection, Will Sell Stores
Grocery chain A&P plans to sell 120 stores to its rivals after returning to Chapter 11 bankruptcy protection on Sunday. Acme Markets, Key Food and Stop & Shop are the major suitors in the series of sales valued at $600M according to bankruptcy papers filed over the weekend, the Wall Street Journal reports. About 12,500 of the company's 28,500 employees work in the affected stores. In addition to the company flagship, A&P's brands include Pathmark, Food Emporium and Waldbaum's. This is the second time in five years the chain has filed for bankruptcy protection. The Journal reported nearly $1B in financial debts for the company. Between February 2014 and 2015 the company posted losses of $300M. [WSJ]
