- Mel Evans/Associated Press
The A&P grocery chain is preparing to close about two dozen money-losing stores while searching for buyers to rescue its other locations throughout the Northeast.
On Monday, the supermarket’s bankruptcy lawyers will ask Judge Robert Drain for permission to shut down 25 stores, arguing that the locations drain the company of roughly $2.5 million every month, according to their request in U.S. Bankruptcy Court in White Plains, N.Y. The process of selling off the store’s assets could bring in $48 million–a much-needed infusion of cash, they added.
“No third-party…made or is likely to make a firm offer” for the stores, the company’s bankruptcy lawyers said in court papers. (Read which ones are on the chopping block here
The Montvale, N.J.-based grocery chain, formally called Great Atlantic & Pacific Tea Co., operates roughly 300 locations and filed for bankruptcy on Sunday, facing roughly $2.3 billion in debt.