US retailer A&P has said a pay deal with union officials is a key step in the company’s attempt to recover from bankruptcy.
On Wednesday (30 November), workers at A&P voted to take pay cuts of roughly 3% to help save their employer, which filed for bankruptcy a year ago but is planning to emerge from Chapter 11 next year.
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“This agreement with our labor unions marks a significant milestone in our turnaround efforts,” A&P president and CEO Sam Martin said yesterday.
“I want to thank our associates for their steadfast commitment to serving our customers throughout this process. As we position the company to emerge from Chapter 11 early next year with a much stronger financial and operating foundation, we intend to continue making operational and service improvements to further enhance the value and in-store experience we provide to our customers.”
A&P operates more than 100 stores in New Jersey under the names A&P, Pathmark, Super Fresh and Food Basics, with more than 13,000 workers in the state.
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