Posted Date: 2/22/2011
A&P Closing 32 More Stores
The Great Atlantic and Pacific Tea Company (A&P) announced plans to close 32 stores in six states as part of its turnaround strategy, pending the approval of a bankruptcy court. The retailer, which operates stores under the A&P, Pathmark, Food Emporium, Food Basics, Super Fresh and Waldbaum's banners, plans to close the stores by the end of April.
“While this was a very difficult decision that will unfortunately impact some of our customers, partners, communities and employees these actions are absolutely necessary as we work to improve our performance,” said Sam Martin, A&P CEO.
The company filed for Chapter 11 bankruptcy in December after struggling under the impact of fierce competition in the grocery arena, the recession's effects and debt from its purchase of Pathmark stores. A&P had previously closed 25 underperforming stores in August in an attempt to cut operating costs. It was not announced which stores would be closed.
Rate this Content (5 Being the Best)
Current rating: 2.2 (5 ratings)
|
|
|
|
|
|