this is a major shemitah sign
Another 8 stores go in A&P auctions; many more in 'limbo'
A&P has filed papers in U.S. Bankruptcy Court confirming that another eight of its stores were successfully bid on during a second auction of its assets late last week.
The sales — which require court approval — leave as many as 72 of A&P’s initial group of 300 locations still in limbo.
Sources told SN Monday those stores were either bid on previously but not for a price A&P was seeking, or simply haven’t attracted interest at all. If unsold, A&P would likely reject those leases and close the stores, creating still more claims against the money-losing estate.
Read More: http://supermarketnews.com/ap-bankruptcy-2015/another-8-stores-go-ap-auctions-many-more-limbo#ixzz3qQ0D3nJ3
Founded in 1859 by George Gilman as "Gilman & Company", within a few years it opened a small chain of retail, tea, and coffee stores in New York City and operated a national mail order business. The firm grew to 70 stores by 1878 when Gilman passed management to George Huntington Hartford, who turned A&P into the country's first grocery chain. In 1900, it operated almost 200 stores. After Hartford acquired ownership, A&P grew dramatically by introducing the economy store concept in 1912, growing to 1,600 stores in 1915. After World War I, A&P added stores that offered meat and produce, while expanding manufacturing. In 1930, A&P, now the world's largest retailer, reached $2.9 billion in sales with 16,000 stores. In 1936, A&P adopted the self-serve supermarket concept and opened 4,000 larger stores by 1950.[3]
