A&P Files Chapter 11 Bankruptcy

The Great Atlantic & Pacific Tea Company (New York), better known as the A&P grocery chain, has filed for Chapter 11 bankruptcy. This is the second Chapter 11 filing for A&P in the last five years.

USA Today reports the company also stated it may sell as many as 150 stores in a move to liquidate, and will close 25 stores immediately.

The 156-year-old company cited close to $2.3 billion in debts with only $1.6 billion in assets, and attributed the most recent financial hardships to continuing operations at 50 to 60 underperforming stores in order to preserve jobs.