A P Bankruptcy
After a week of rumors that Great Atlantic & Pacific Tea, which was once known as the largest grocer in the U.S., was headed for bankruptcy, finally last night announced it filed for Chapter 11.This comes after a year of battling to profit in the sluggish economy and maintain financial stability.
The company that started back in 1859 in New York City, owns supermarket chains under the names Pathmark, Super Fresh and Waldbaum’s.
The Company will also have access to $800 million in debtor in possession financing, which will enable it to continue paying local suppliers, vendors and employees.
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