Grocery chain A&P files for bankruptcy

Grocery store chain Great Atlantic & Pacific Tea Co filed for bankruptcy on Sunday, drained of cash by tough competition and a sluggish economic recovery.

Once the largest U.S. grocer, the owner of about 400 stores under brands such as A&P, Waldbaum's and Super Fresh filed for Chapter 11 bankruptcy in New York with more than $1 billion in assets and more than $1 billion in debt, according to court documents.

As of Sept. 11, A&P had total debt of more than $3.2 billion, but it is unclear how much the company is currently carrying.

Read Full Article from Reuters

- Posted: 2010-12-13 08:31:52

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