December 13, 2010
Grocery Chain A&P Files for Bankruptcy
"Grocery store chain Great Atlantic & Pacific Tea Co (GAP.N) 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."
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