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The Great Atlantic & Pacific Tea Co. (A&P) could file for Chapter 11 bankruptcy protection as soon as this week, according to a published report.
The New York Post reported that Montvale, N.J.-based A&P's filing is expected to be a "prepackaged" bankruptcy that would divide up and sell the company's most profitable locations.
In preparation for the filing, A&P has reportedly hired New York-based Evercore Partners, an investment bank that specializes in selling assets, The Post reported.
A&P last emerged from bankruptcy in 2012, but has continued to struggle financially.
Potential buyers for some or all of A&P's locations, which include Pathmark, Waldbaum’s and The Food Emporium stores, include Acme Markets, Kroger and Ahold, according to the newspaper.
In response to the reports, A&P issued a statement: "No decision has been made regarding a particular outcome, and it would be inaccurate and irresponsible to suggest otherwise. The company is committed to continuing to serve its customers and communities as it always has and intends to keep its stores fully staffed."