The Great Atlantic and Pacific Tea Company, once the largest grocery chain in the US, declared bankruptcy today.
http://www.usatoday.com/money/industries/food/2010-12-13-ap-bankruptcy_N.htm
This is not news for anyone in the grocery industry, A&P has been bleeding for quite a while with poor acquisitions (Pathmark) and musical chair executives. They have several store formats in the NY, NJ area, most of which have been hammered by the economy and competition from upscale stores (ie Wegmans) and tighter merchandising from competitors like Shoprite.
There are 41,000 employees working in the stores today that probably deserve a good recovery plan. But, A&P is sitting on some bad real estate, a bad economy, and bad management. The holiday season doesn't look bright.
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