great atlantic and pacific tea

Bankruptcies: Could 2011 Be Even Better Than 2010?

In another bit of good economic news, the list of U.S. business bankruptcies will likely get shorter, and probably less distinguished, in 2011, just as it did this year. Still, several factors beyond an improving economy are also at play here.

A&P Files for Chapter 11 Bankruptcy Protection

The Great Atlantic & Pacific Tea Co. (GAP), once the largest grocer in the United States, filed for Chapter 11 bankruptcy protection. The company filed for protection in White Plains, N.Y., listing total debts of more than $3.2 billion and assets worth about $2.5 billion, The Associated Press reported.