The Great Atlantic & Pacific Tea Company Inc., aka A&P, which was once the nation’s largest grocer, has reported that it has emerged from Chapter 11 bankruptcy protection as a private company. The supermarket chain had filed for bankruptcy in 2010, struggling from sluggish sales and huge debts. They reportedly have received funding for operations, refurbished some of their stores and renegotiated agreements with both suppliers and employee unions.
The company has just announced a new management team, naming Raymond Silcock as its chief financial officer, who replaces Frederic Brace, who is resigning from his role as chief restructuring, financial and administrative officer since the company’s bankruptcy process has been completed.
In an article on www.google.com, Sam Martin, A&P’s president and CEO stated, “In just over one year, we have completed a thorough restructuring of A&P’s cost structure and balance sheet to build a strong foundation for the company’s future. With the full support of our financial partners, the new A&P is committed to delivering exceptional value and an enhanced in-store experience to all of our customers.”
The company runs over 300 grocery and drug stores in six states under the A&P, Best Cellars, Food Basics, The Food Emporium, Pathmark, Superfresh and Waldbaum names.
A&P, which was founded in 1859, is considered one of the country’s first supermarket chains.
Macey Bankruptcy Law reported on A&P’s Chapter 11 bankruptcy in an earlier blog; we are pleased to be able to report that the company has emerged from bankruptcy and is, once again, a viable and strong U.S. establishment. Bankruptcy often results in a business or individual operating from a stronger financial position and should be thought of as a “new beginning” instead of “the end of the world”. When you call Macey Bankruptcy Law toll-free at 1-800-260-2402, you can get your initial complimentary consultation. Our smart, caring attorneys answer their phones Monday-Saturday and evenings so you can get your initial free consultation at a time that is most convenient for you. And log onto our interactive website at www.maceybankruptcylaw.com for answers to your Chapter 7 and Chapter 13 bankruptcy questions anytime. Our aggressive representation and extensive experience have earned Macey Bankruptcy Law a national reputation for excellence in the representation of debtors in financial distress. Give us a call; let’s talk about new beginnings.