AP Files For Bankruptcy Marking The End For An Iconic Bulk Vending Location

MONTVALE, NJ -- A&P, once the largest food retailer in America, will no longer exist if a bankruptcy protection and sale plan unveiled by the company proceeds as expected. A&P filed for chapter 11 bankruptcy on June 19.

Founded in 1859 as the Great Atlantic & Pacific Tea Co., America's oldest supermarket chain consisted of thousands of stores that were profitable bulk vending locations for generations. At its height in the 1950s and '60s, A&P boasted more than 4,000 stores and was widely viewed as the quintessential family supermarket. Over the years, that number had steadily declined as the company struggled with price-point competition by Wal-Mart and Dollar Stores, as well as high-end specialty retailers like Whole Foods.

A&P's filing in the U.S. Bankruptcy Court in New York will likely spell the demise for the iconic grocery that emerged from a reorganization plan three years ago. According to local press reports, the company has found bidders for 120 of its 296 stores. Proceeds from the sale are expected to top $600 million; the company plans to close 25 underperforming stores.