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.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
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.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe 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.
