A&P files for bankruptcy protection
A&P files for bankruptcy protection
The Great Atlantic & Pacific Tea Co., based in Montvale, NJ, filed for Chapter
11 bankruptcy protection Dec. 12.
The filing was widely expected and occurred after the company struggled for years to manage its enormous debt and increased competition from discount chains. In the filing, the company lists assets of about $2.5 billion and debt of more than $3.2 billion. The company reported revenue of $9.5 billion in 2008, but that dropped to $8.8 billion in 2009 amid declining sales.
The filing was widely expected and occurred after the company struggled for years to manage its enormous debt and increased competition from discount chains. In the filing, the company lists assets of about $2.5 billion and debt of more than $3.2 billion. The company reported revenue of $9.5 billion in 2008, but that dropped to $8.8 billion in 2009 amid declining sales.