A&P Supermarket Chain Declares Bankruptcy

The A&P Supermarket chain headquartered in Montvale, New Jersey has filed for chapter 11 bankruptcy for the second time in five years. In 2010, the company with stores throughout the Northeast region under Pathmark, Food Basics, and Waldbaums, blamed the recession for its sluggish sales amid tough competition but was able to emerge in 2011 following a restructuring plan which included a financial investment by a California based private equity firm. However, the current $2.3 billion debt over $1.6 billion in assets is forcing a sale of its locations to other chains like Stop & Shop Supermarket Co. and Key Food Stores Co. for $600 million. Court papers indicate that 25 unprofitable stores of the estimated 300 total stores will close in the coming months.

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