-
Judge approves A&P bankruptcy exit financing
New York City -- The judge in the Great Atlantic & Pacific Tea Company’s Chapter 11 bankruptcy case on Tuesday approved a $750 million exit financing plan for the supermarket operator.
The approval moves A&P closer toward exiting Chapter 11 and operating as a privately held company.
The financing package consists of a $400 million revolving loan and a $350 million term loan from J.P. Morgan Chase and Credit Suisse. -
"Fresh Air" era begins at JCP
NEW YORK— The transformation of JCPenney into America’ favorite store will begin with dramatically simplified pricing strategy and promotional cadence supplemented by an improved product presentation that will allow the 110-year-old company to regain its personality with a new generation of shoppers, according to CEO Ron Johnson.