The 156-year-old Great Atlantic & Pacific Tea Co. has engaged Sard Verbinnen & Co. as it struggles to stave off a potential second bankruptcy filing in five years.
Bloomberg reported June 18 that the company, which operates the A&P, Pathmark and Food Emporium chains of supermarkets, among others, could seek bankruptcy protection as soon as next month. The Record added that suppliers of A&P are tightening credit terms and one bag and container supplier has sued the supermarket operator over an alleged $3.7M debt. And the New York Post said June 16 that the company is shopping nearly half of its 301 stores.
Privately held A&P said it is open for "business as usual" as it undergoes a strategic review of its operations. Sard Verbinnen managing director Hugh Burns in New York is handling A&P.
Montvale, N.J.-based A&P went through Chapter 11 from 2010-12 as it retrenched to cope with a new generation of competition in megastores and high-end grocers like Whole Foods. Finsbury advised communications during that re-org.
A&P's heyday as the top food retailer in the US during the 1930s included 15,000 stores around the country.
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