A&P is close to selling off all or part of its supermarket chain. The Montvale, New Jersey-based company has been trying to improve its finances in preparation for a sale since it was taken private in 2012 after emerging from Chapter 11 bankruptcy, according to unions representing workers at the company's stores.
In recent weeks, workers have spread the news that another bankruptcy filing or a sale is impending, reported NorthJersey.com. A&P operates the A&P, Pathmark, Food Basics, Waldbaums, SuperFresh and Food Emporium brands.
In a statement by union locals, members said there has been interest by several companies regarding the purchase of A&P. As of Monday, 11 union locals had issued the joint statement. And A&P responded that there is no news, as the company has been weighing its options.
"The review includes, but is not limited to, raising new capital from investors, considering new business partner relationships and exploring the sale of certain assets of the company,'' said A&P in a statement provided by Dana Regan, human resources director, to NorthJersey.com.
A&P banners have been hit hard by specialty grocers such as Whole Foods, Trader Joe's, Walmart and Target. After bankruptcy, the company emerged with a new hire, Sam Martin, to reinvigorate sales. Martin attempted to remodel stores and fix the company image before he left the company in 2014.
Discount German grocer Lidl is seen as one of the potential buyers. Lidl announced earlier this week that it would open a U.S. headquarters in Virginia.
-See this NorthJersey.com press release
A&P's Waldbaums drops loyalty card
A&P may put itself on sale, but who's buying?
German supermarker Lidl opens US headquarters
Sam's Club gives cash back to Plus members
Is Albertsons bringing loyalty back?