A&P’s Long Goodbye
For the second time in less than five years, A&P has filed for Chapter 11 bankruptcy. Two Chapter 11s in close sequence like that are sometimes cynically called a “Chapter 22.” But this is no joke. By the time it’s all over, a stalwart retailing name that started in 1859 on the site of what is now the One World Trade Center building in lower Manhattan will be gone forever.
A&P — once the nation’s largest retailer, spanning from the Atlantic to the Pacific — already has buyers in place to take over a third of its 300 stores. These buyers include Acme (Albertsons), Ahold and Key Food. Another 25 stores will be closed outright. So roughly half its store fleet, which spreads from Delaware to upstate New York, will be rebranded immediately. A&P operates stores under the A&P, Pathmark, Waldbaums, Food Emporium, Superfresh and Food Basics banners, all of which will be involved in the sale or closure process — and already are. [Read more…]