-
Major grocery chain files chapter 11; sells stores for $600 million
Montvale, N.J. – The rumors are true. As expected, the Great Atlantic & Pacific Tea Company Inc. (A&P) has filed for Chapter 11 bankruptcy.
In a brief statement on its website, privately held A&P says it has secured financing of $100 million and voluntarily filed for chapter. A&P has also entered agreements to sell 120 stores for $600 million and will close more of its 296 stores in the near future.
-
Francesca's adds Limited veteran
Francesca's is adding a retail industry veteran to its board.
The retailer has appointed Martyn Redgrave as a member of the board of directors. The appointment is effective immediately. Redgrave will serve on the audit committee and the nominating and corporate governance committee.
