A&P Files for Bankruptcy
For the second time in five years, the grocery chain A&P filed for Chapter 11 bankruptcy late Sunday night. According to Supermarket News, the Montvale, New Jersey-based chain, which reported assets and liabilities of more than $1 billion each, has hired an investment bank that specializes in selling assets. Among those interested in acquiring A&P’s assets are Albertsons-Safeway’s Acme Markets, Ahold USA’s Shop & Shop Supermarket and Key Food Stores Co-operative. On July 20th, UFCW released the following statement on the subject:
“For decades, the dedication and sacrifices of hard-working UFCW members have been instrumental in keeping A&P’s doors open. Every day, they have shown their commitment to their job, their coworkers, the community, and this union family. As difficult as this bankruptcy process is, our message to A&P is a simple one – we expect A&P to do what is right by members and their families.
“Our message to any potential buyers of A&P is that our hard-working members are not just employees, they are the heart and soul of these stores. They are committed to their success and determined to make them even stronger. We remain united and look forward to working with any company that will do what is right by our members and their families.
“With respect to the 30,000 great men and women who work at A&P and are part of our union family, we understand the uncertainty and concern that this bankruptcy announcement brings. We want our members and their families to know we are here to help in every way we can. We will commit the staff and resources necessary, and we will address every question and concern during this difficult time.
“Looking ahead, we fully expect A&P to stay in business during this bankruptcy process and honor its responsibilities to its employees, our members, and their families. The UFCW and UFCW Local Unions will work hard to ensure that the process for selling stores protects our members’ jobs, working conditions, and benefits. We will also hold A&P to its commitments to involve UFCW in the sales process, protect union contracts and these good jobs.
“For the sake of the men and women of A&P, now is the time for A&P and any potential buyer to focus on doing what is right for our hard-working members and their families.”
To read about what UFCW is doing to assist members throughout this difficult process, click here.