MONTVALE, NJ - In the latest update from bankrupt retailer A&P, the company has announced an extension to its deadline for bid submissions on the stores that will be auctioned due to unforeseen complications.
In a federal bankruptcy court filing submitted last Friday, September 11, the following relevant dates to A&P’s bankruptcy struggle have been changed:
- The deadline for store bid submissions has been pushed from September 11 to September 17.
- The deadline for which it would cancel an auction due to lack of qualified bidders was pushed from September 15 to September 18.
- The deadline for publishing qualified bidders and for selecting opening bid amounts has been pushed back from September 21 to September 25.
- The date for potential auctioning has been postponed from September 24 to 25 to October 1 to 2.
- The date for announcing successful bidders will be pushed from September 26 to October 3.
- The deadline for parties to file objections to the successful bids will be delayed from October 2 to October 9.
- The deadline for A&P's response to such objections has been pushed back from October 6 to October 15.
- A sale hearing, the last portion of the process prior to closing of the deals, has been delayed from October 7 to October 16.
A&P cites several factors in delaying the bid and auction dates, according to The Lewisboro Daily Voice. These include everything from the visit of Pope Francis to New York City, to religious holidays, to the convening of the United Nationals General Assembly. Analysts have cited the company's continued battle with unions over bumping rights as another reason for the delays, however.
So far, A&P has secured bidders for 118 of its stores including chains Stop & Shop, Key Food, and Acme Markets. But this still leaves around 150 of A&P's stores without a clear future.
