Retailer Great Atlantic & Pacific Tea Co. Inc. (GAP) said it would close 25 of its 429 stores.
The 25 stores will close later this year, The Hartford Business Journal reported. The stores are located in Connecticut, Pennsylvania, New Jersey, Maryland and New York.
The closures will affect 2,000 employees, spokeswoman Lauren La Bruno said.
"We will help our affected associates pursue other positions across the company should open positions be available," La Bruno said.
The company recently announced the appointment of Sam Martin, a former Office Max executive, as CEO. He takes over from Ron Marshall, who only started the job in January.
A&P lost $122.6 million in the quarter ended June 19, almost double the amount lost in the year-ago quarter.
Bonds for Beginners
Learn about fixed income investments.View Course »