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A&P: Bankruptcy, sale speculation 'inaccurate'
Despite published reports Wednesday saying A&P was headed for a prepackaged Chapter 11 bankruptcy as soon as this week, a spokesperson for the retailer said it would be " inaccurate and irresponsible" to assume a particular outcome of its ongoing strategic review.
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Despite published reports Wednesday saying A&P was headed for a prepackaged Chapter 11 bankruptcy as soon as this week, a spokesperson for the retailer said it would be "inaccurate and irresponsible" to assume a particular outcome of its ongoing strategic review.
A company statement provided to SN Wednesday, was essentially the same as one provided a month ago when SN first reported that union sources said the chain was for sale.
"The strategic review includes, but is not limited to, raising new capital from investors, considering new business partner relationships and exploring the sale of certain assets of the company. Because of its improved capital structure, the company is well positioned to consider these opportunities. The company has not set a timetable for the completion of the process, and will communicate further when the Board of Directors reaches a decision regarding a specific action or otherwise concludes its review of strategic alternatives," the statement said.
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Speculation over the future of A&P flared again this week amid a Wednesday article in the New York Post saying A&P would file for bankruptcy protection and dissolve as a result of asset sales as soon as this week. Citing confidential sources, the Post said Albertsons' Acme chain was looking to acquire as many as 80 A&P locations and that Kroger and Ahold are also expected to eye sites. SN was unable to immediately confirm this.
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