The Great Atlantic & Pacific Tea Co. (A&P) said yesterday that it has completed its financial restructuring and is emerging from bankruptcy with a new management team and refurbished stores designed to cater to core markets, Bloomberg reports.
According to the story, “The company won court approval Feb. 28 for its plan to restructure and leave bankruptcy with $490 million in debt and equity financing from an investor group that includes Ron Burkle’s Yucaipa Cos. The Montvale, New Jersey-based chain operates 320 stores and has about 34,000 employees, according to its website.”
“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,” CEO Sam Martin said in a statement.
According to the story, “The company won court approval Feb. 28 for its plan to restructure and leave bankruptcy with $490 million in debt and equity financing from an investor group that includes Ron Burkle’s Yucaipa Cos. The Montvale, New Jersey-based chain operates 320 stores and has about 34,000 employees, according to its website.”
“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,” CEO Sam Martin said in a statement.
- KC's View:
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I’ve met and chatted with some of the new A&P folks, and I know that they think the company has turned a corner. For the moment, let’s assume that they are right and wish them the best of luck as they try to carve out a new and sustainable niche for A&P.
