Ten Waldbaum’s and Pathmarks in Queens are set to be bought by Stop & Shop and Key Food, after the stores’ parent company, The Great Atlantic & Pacific Tea Company, or A&P, voluntarily declared bankruptcy on Monday.
The grocery store conglomerate announced the sale of 120 stores on the East Coast at a total value of about $600 million as part of a voluntary Chapter 11 bankruptcy filing. The sales are conditional to a court approval. Another 25 locations are set to close, though none of those are in Queens.
According to published reports, A&P has been in a massive financial crisis and Monday’s filing is its second in five years. The company lost $300 million in one year, according to reports.
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