The Great Atlantic & Tea Co., best known to grocery shoppers as A&P, says it has filed for Chapter 11 bankruptcy protection.
The company, founded in 1859, says it will have access to $800 million in debtor-in-possession financing and that all of its 395 stores, which are located in eight states in the eastern U.S., are fully stocked and open for business.
The Montvale, N.J. company says that it determined that it could not complete its turnaround plan without filing for bankruptcy protection.
The filing was widely anticipated. The company's stock price fell more than 67 percent on Friday, and trading was halted in the afternoon. Shares have traded between 86 cents and $13 in the past 52 weeks.
The company owns A&P, Waldbaum's, The Food Emporium, Super Fresh, Pathmark and Food Basics grocery stores