U.S. Bankruptcy Court
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The fall of A&P, from 15,357 Stores to bankruptcy protection
Great Atlantic & Pacific Tea Co., which operates about 400 supermarkets under the Waldbaum’s, The Food Emporium and Pathmark labels, filed for bankruptcy protection in U.S. Bankruptcy Court in White Plains, New York. A&P listed assets of $2.5 billion and debt of $3.2 billion in it’s Chapter 11 filing. Chief Executive Officer Sam Martin of…
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Objections Rise as A&P Announces its Bonus Plan
Following A & P’s filing for bankruptcy, the company has announced its bid for a $6.8 million Bonus Plan to its employees. This raised considerable objections at the U.S. Trustees office, its creditors and unions. The main reason for this objection is that the said plan sounds more like a ‘retention’ plan rather than a…
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Hostess is Set To Lay Off Thousands And Close Shop
Hostess is set to close as a result of what it calls a crippling union fight. Approximately 18,500 jobs will be lost, not to mention the tax revenue that comes from shops and plants of the company across the U.S. The union has been stubborn in its talks with the snack food icon and the…