A&P Emerges from Bankruptcy
A&P Supermarkets (Great Atlantic & Pacific Tea Co.) has emerged from bankruptcy as a private company after it completed a financial restructuring. The chain, which operates 320 stores, also operates under the names Food Emporium and Pathmark.
"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," said Sam Martin, CEO in a statement.
A&P has formed a new management team, refurbished stores and focused them on core markets, negotiated a new agreement with its principal supplier, and modified collective bargaining pacts with unions.
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