A&P is planning to file for bankruptcy, the second time in less than five years. The company will seek buyers for 120 of its 296 stores, with proceeds expected at about $600 million.
A&P has experienced declining sales and profit margins as big low-cost operators like Target, Wal-Mart, and Dollar General have expanded into the grocery business.
The company is based in Montvale, NJ, and has about 34,000 employees. The retailer operates in Connecticut, New York, New Jersey, Pennsylvania, Delaware and Maryland under the A&P, Food Basics, Food Emporium, Pathmark, Superfresh and Waldbaum’s brands.
The company, was founded in 1859,and began operations as the Great American Tea Co., with the first store, on Vesey Street in Manhattan, selling coffee, tea and spices according to its website.