Supermarket chain A&P has filed for Chapter 11 bankruptcy protection for the second time in five years, Reuters reported on Monday.
The company, formerly known as Great Atlantic & Pacific Tea Co Inc., owns several supermarket brands including Best Cellars, Pathmark and Superfresh. The company hired investment bank Evercore Partners, which specializes in selling assets, and has received debtor-in-possession financing of $100 million from Fortress Credit Corp.
A&P listed assets and liabilities each of more than $1 billion in its bankruptcy filing, Reuters said.
The Wall St. Journal reported that A&P has bidders for 120 of its 296 stores and the company will work to sell most of its remaining stores through the bankruptcy process.
Published reports indicate that several supermarket chains including Acme Markets Inc., Stop & Shop Supermarket Co. LLC and Key Food Stores Co-operative Inc. are among those interested in purchasing current A&P locations.
