A&P filed layoff notices for 3, New Jersey employees with an effective date of Thanksgiving Day. (File Photo) Many of the company's stores are being sold in separate deals with Stop & Shop and. (Update: Click here for the latest, up-to-date list of the status of all A&P-owned stores. If you shop at A&P or any of its other company-owned stores iin the Northeast, prepare for some changes. The company’s Chapter 11 bankruptcy petition, filed late Sunday night, means your neighborhood store is likely to have a new name and a new owner – if it stays open at all. Sep 25, · A&P Supermarket. Workers at the bankrupt A&P grocery chain have been complaining for weeks that corporate executives have been looting .
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Bruce Vail is a Baltimore-based freelance writer with decades of experience covering labor and business stories for newspapers, magazines and new media. He was a reporter for Bloomberg BNA's Daily Labor Report , covering collective bargaining issues in a wide range of industries, and a maritime industry reporter and editor for the Journal of Commerce , serving both in the newspaper's New York City headquarters and in the Washington, D.
In bankruptcy court, creditors generally control everything. I have no doubt that if the creditors were not ok with this, they would have put a stop to it a long time ago. Not really surprising. Those folks usually have way more options that the unionized workers underneath them - once the ship starts sinking, they'll jump unless you bribe them extra to stay on in a dying firm.
They have little to no options in the near future. They'll have to take massive pay cuts before it gets bad enough for them to walk away in a situation like this. I would like to hear from the creditors. It's quite possible they would have wanted alternate solutions to enriching the few at the top. What actually happened is that top management acted like a union if they had as you suggest threatened to all quit to cause work disruption.
They could have walked a line outside, "More bonuses or we leave! Probably not, because if top management quits before the company is wound down, it could hurt the liquidation value. If lower level employees quit, it won't matter to creditors. The judge lives in a palatial mansion in Scarsdale, worth millions!
Where does he shop for his food?????? Only a few hour required to understand and start working Apparently the wishes of the top management those workers is relevant, to them. They enriched themselves, wouldn't creditors object to that?
Contract negotiations with Acme are on the horizon. As for the stores, some are still up for grabs. This year, Key Food has been leasing locations that were unclaimed in the first rounds of auctions after the bankruptcy, said Matthey P.
Casey, owner of an eponymous Rahway firm that specializes in supermarket research. The bankruptcy also opened the door to independent and ethnic grocers, said Chuck Lanyard, president of the Goldstein Group, a Paramus real estate firm specializing in retail. Some landlords have looked to other options to replace the foot traffic supermarkets bring in--more than 20, visits a week in many places, Lanyard said. Landlords are looking to other retailers and gyms to fill the space.
In some cases, the space simply won't work as a supermarket anymore, said Matthew Harding, president of Levin Management, a retail real estate firm based in North Plainfield.
Myles Ma may be reached at mma njadvancemedia.