The 151 year-old Great Atlantic & Pacific Tea Company, which operates 400 grocery stores under the names A&P, Food Emporium, Pathmark and others, has filed for Chapter 11 bankruptcy.
The company said it will have access to $800 million in debtor-in-possession financing and that all of its stores are fully stocked and open for business. The company said that it determined that it could not complete its turnaround plan without filing for bankruptcy protection. The filing was widely anticipated. The company’s stock price fell more than 67 percent on Friday, and trading was halted in the afternoon. Shares have traded between 86 cents and $13 in the past 52 weeks.
The first A&P store opened in NYC in 1859 and the company remains the dominant grocery chain in the metro area. If my Food Emporium goes under, I’ll have to shop at….Gristedes. Shudder.