Business & Finance

Fanwood A&P Safe for Now

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FANWOOD/SCOTCH PLAINS, NJ -- The Wall St. Journal reported today that A&P is planning to close 25 of its grocery stores and will sell off 120 locations to three leading competitors: Acme Markets Inc., Stop & Shop Supermarket Co. and Key Food Stores Co-operative Inc.

According to papers filed in the U.S. Bankruptcy Court in the Southern District of New York, A&P has assets of about $1.6 billion and debts of about $2.3 billion.

The website Living with Coupons says that A&P has released the list of 25 stores that will soon be closing. The A&P on South Ave. in Fanwood is not among them.

USA Today reported that A&P said it "erred by keeping 50 to 60 underperforming stores open in favor of preserving the jobs in those stores" and did not successfully reduce its pension obligations and other costs of its previous bankruptcy filing in 2010.

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