US: Retailer A&P to close 14 more stores
A&P has closed raft of stores since entering Chapter 11 bankruptcy protection in 2010
US retailer A&P, which is looking to emerge from bankruptcy this year, has said it plans to close another 14 outlets.
A&P, which has closed a raft of stores since it fell into Chapter 11 at the end of 2010, said yesterday (9 January) that it would shut 14 "under-performing" outlets in four states.
President and CEO Sam Martin said the closures were "absolutely necessary" to help "strengthen A&P's operating foundation and improve our performance".
He added: "We are continuing to take the steps necessary to position A&P to emerge from Chapter 11 with a strong future and ensure that we remain focused on our top priority – providing great value and service to our customers every day."
The retailer operates over 330 stores in six states under banners including A&P, Pathmark and The Food Emporium.
In November, workers at A&P agreed to take a pay cut of around 3% to help the business.
The deal meant A&P won court approval for financing of $490m from private-equity firms Yucaipa and Mount Kellett Capital Management and investment funds managed by Goldman Sachs.
UK-based R&R Ice Cream has confirmed plans to close an ice cream plant in France....
Waitrose led the promotional activity in the UK grocery sector last month, according to the latest data from the just-food Promo Tracker....
Poundland, the UK-based single price value retailer, has said it has seen good growth in food sales in the UK and that it may look to mainland Europe for further growth opportunities....
- Interview: Sir Kensington's on sale to Unilever
- Interview: "Disruptive" snack brand Hippeas
- Analysis: Post discusses rationale for Weetabix
- Column: Why snacking is the new meal
- Who will buy Danone's Stonyfield business?
- Unilever buys US condiments maker Sir Kensington's
- Tyson shops Sara Lee bakery, Kettle and Van's
- Icelandic to sell Saucy Fish Co. owner Seachill
- Tyson to buy burger-to-entree firm AdvancePierre
- Dairy dampens Danone in Q1