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72-492: Brighton Mall opened in November 1971 as a small enclosed mall, with The Great Atlantic & Pacific Tea Company (A&P) supermarket, a W.T. Grant department store, a Perry Drug Stores pharmacy, and approximately twenty-five inline tenants. One year later, a movie theater opened behind the mall. After W. T. Grant filed for bankruptcy in 1975, many of their stores were sold to Kmart in 1976. Kmart had originally wanted to build

144-461: A lobbyist and dropped its opposition to unionizing activities of the politically powerful American Federation of Labor . George and John Hartford also took the unusual step of publishing an open letter pointing out that the legislation would increase food prices. The tide of public opinion then turned against the bill, which was defeated. In 1930, the first supermarket opened in California . On

216-416: A monopoly . A&P said their grocery-store share was only about 15%, much less than the leaders in other industries. Judge Lindley agreed with the government, fining each defendant $ 10,000. In 1949, the U.S. Court of Appeals upheld Lindley's decision; A&P decided not to appeal further. In September, the anti-trust division asked the court to order the spinoff of A&P's manufacturing operations and

288-558: A 1937 A&P study of the feasibility of opening a plant to manufacture corn flakes. The mere possibility of A&P producing corn flakes forced existing corn flake manufacturers to lower their prices by 10%. A&P's decline began in the early 1950s, when they failed to keep pace with competitors that opened larger supermarkets with more modern features demanded by customers. By the 1970s, A&P stores were outdated, and efforts to combat high operating costs resulted in poor customer service. When these efforts failed to turn A&P around,

360-526: A clerk in Glens Falls, New York , he was a staffer who lacked John Hartford's strategic marketing skills. Under Burger, A&P continued to report record sales and operated with expenses of 12.6% of sales when the industry average was 15%. Burger was also president of the John A. Hartford Foundation started by sons John and George in 1929, assuring Burger's control of A&P when George died in 1957. George's trust

432-424: A defined contribution 401(k) . William Walsh, then a recently retired executive, filed a class action that was ultimately settled by increasing the value of the annuities. A&P still realized over $ 200 million and was not required to pay taxes because of tax losses carried forward from previous closing programs. The Philadelphia division also was to close, unless the unions agreed to contract concessions. When

504-489: A large training program. Weekly per-store sales increased from $ 37,000 in 1974 to over $ 70,000 in 1976, with total sales increasing from $ 6.4 billion to $ 7.2 billion despite the closures. Manufacturing was also reorganized. While initial results were promising, by 1978, A&P profits started to slide due to economic conditions caused by high inflation. With the share price down to $ 7, the John A. Hartford Foundation finally came to

576-670: A major grocery competitor. In 2003, after declaring its largest loss, A&P closed Kohl's Food Stores and A&P's remaining stores in Vermont and New Hampshire , reducing it to just over 500 stores. Also in 2003, A&P spun off the Eight O'Clock Coffee division (its last manufacturing operation) to Gryphon Investors for $ 107 million. (In 2006, Gryphon sold Eight O'Clock Coffee to Tata Global Beverages for $ 220 million). In 2005, A&P sold its 237-store Canadian division (consisting of A&P, Dominion, Ultra Food and Drug stores , as well as

648-433: A manager, and without fancy fixtures. Within two months, weekly sales increased to $ 800 and the store achieved a 30% annual return on investment. A&P quickly expanded the concept; by 1915 the chain operated 1,600 stores. A&P's tremendous growth created problems with suppliers. Cream of Wheat , the largest breakfast food manufacturer, demanded that all retailers adhere to the cereal's pricing per box. A&P purchased

720-467: A national mail order business. The firm grew to 70 stores by 1878; by 1900, it operated almost 200 stores. A&P grew dramatically by introducing the economy store concept in 1912, growing to 1,600 stores by 1915. After World War I , it added stores that offered meat and produce, while expanding manufacturing. In 1930, A&P, by then the world's largest retailer, reached $ 2.9 billion in sales ($ 52.9 billion today) with 15,000 stores. In 1936, it adopted

792-589: A plan by Booz Allen Hamilton to close 36% of its 3,468 stores. Kane agreed to resign and was replaced by Jonathan Scott, the 44-year-old president of Albertsons . Under Scott, A&P closed 1,500 stores in three years, reducing to 1,978 units. Scott hired numerous executives from outside and pushed authority down to the regional level. During his first three years, A&P built 300 supermarkets ranging from 23,000 square feet (2,100 m ) to 32,000 square feet (3,000 m ), along with its first combination grocery-drug stores with 40,000 square feet (3,700 m ) under

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864-464: A political issue in the 1912 presidential election after a 35% increase in 10 years. To counter this trend, some chains experimented with a no-frills format. After long debate, the Hartfords agreed to John's proposal of experimenting with an economy store designed to operate at a 12% gross margin. Capitalized at only $ 3,000 including its initial inventory, the prototype economy store operated with only

936-422: A private entity in early 2012. At this time, Christian Haub left A&P, and Tengelmann wrote off its books the remaining equity. A&P briefly returned to modest profitability by cutting costs in its remaining stores, although customer spending further decreased. In 2013, again a company, A&P was put up for sale but could not find a suitable buyer. In January 2014, Sam Martin resigned. In March, Paul Hertz

1008-694: A profit of 1.3% (compared to an industry average of 1.04%) on sales of $ 11 billion. In the early 1990s, A&P started to struggle again because of the economy and new competition, especially Walmart. In 1992, A&P's sales dropped to $ 1.1 billion; it posted a loss of $ 189 million. A&P responded by strengthening its private label program and overhauling its remaining U.S. units. Most stores smaller than 40,000 square feet (4,000 m ) were expanded, closed, or replaced with units from 50,000 square feet (5,000 m ) to 80,000 square feet (7,000 m ). The new stores included pharmacies, larger bakeries, and more general merchandise. A&P continued to suffer in

1080-514: A store in Brighton prior to acquiring the former W. T. Grant location, but did not do so at the time due to concerns over the area's economy. In late 1993, plans were announced to begin converting the mall to a strip mall. Under these plans, the enclosed section of the mall would be converted to larger retail spaces that faced Grand River Avenue, while the Kmart would be retained. The few remaining tenants in

1152-425: A strategy to substantially cut prices by converting A&P to a warehouse store concept that became known as W.E.O. Warehouse Economy Outlet (or Where Economy Originates). The problem was that most A&Ps were not large enough to properly implement the program; losses quickly mounted. In early 1973, the stock dropped to $ 17, and Charles Bluhdorn of Gulf+Western made a tender offer at $ 20 per share. Kane rejected

1224-671: Is St. Paul's Chapel , the Church Street Station Post Office , and the World Trade Center . The street next to the World Trade Center was closed to pedestrians after the terrorist attacks of September 11, 2001 , and has not yet been reopened to vehicular traffic. A structure left standing after the collapse of the adjacent buildings is known as the Survivors' Staircase which has been preserved and can be viewed in

1296-561: Is also new. The Great Atlantic %26 Pacific Tea Company The Great Atlantic & Pacific Tea Company , better known as A&P , was an American chain of grocery stores that operated from 1859 to 2015. From 1915 through 1975, A&P was the largest grocery retailer in the United States (and, until 1965, the largest U.S. retailer of any kind). A&P was considered an American icon that, according to The Wall Street Journal , "was as well known as McDonald's or Google

1368-528: Is today". At its peak in the 1940s, A&P captured 10% of total US grocery spending. Known for innovation, A&P improved consumers' nutritional habits by making available a vast assortment of food products at much lower costs. Until 1982, A&P also was a large food manufacturer. A&P was founded in 1859 as "Gilman & Company" by George Gilman , who opened a small chain of retail tea and coffee stores in New York City , and then expanded to

1440-492: The A&;P brand, dramatically increasing the product line. To make space for the new items, A&P replaced in-store premiums with Plaid Stamps, which sought to mimic S&H Green Stamps , a popular rewards program. By 1912, the corporation operated 400 stores and averaged a 22% gross margin, resulting in a 2% profit. A&P's peddlers were also operating 5,000 rural routes in distinctive red-and-black wagons. Food prices were

1512-695: The Great Depression . The Hartfords built their chain without borrowing; their low-price format resulted in even higher sales. From 1929 through 1932, A&P reported a record $ 110 million in after-tax profits with each Hartford child earning over $ 5 million yearly in dividends and equity. A&P's success caused a backlash that threatened to destroy it. Thousands of mom-and-pop grocery stores could not match A&P's prices. While small operators had little political clout, they were supplied by thousands of wholesale distributors which had considerable political influence. Anti-chain store movements gained traction in

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1584-682: The Kohl's department store chain) from BATUS , enabling A&P to reenter Wisconsin and Illinois . In 1984, A&P purchased Pantry Pride 's Richmond, Virginia , division. The next year, A&P reinforced its profitable Canadian division by closing stores in Quebec , and acquiring Ontario's Dominion Stores . In the U.S., A&P started construction of larger 40,000-square-foot (4,000 m ) supermarkets known as A&P Future Stores . In 1986, A&P purchased Waldbaum's (with stores in southern New York and southern New England) and The Food Emporium ,

1656-672: The South and abandoned most of the region by pulling out of Alabama, Florida, Georgia, Kentucky, the Carolinas, Tennessee, and Virginia. Most of these stores were sold to Kroger . As a result, A&P was reduced to four regions: the Northeast, the Midwest (Michigan and Wisconsin), New Orleans, and Ontario. To reinforce the New Orleans division, A&P purchased six Schwegmann supermarkets; however, A&P

1728-640: The 1920s, but became stronger during the Depression. In 1935, Texas Congressman Wright Patman introduced legislation that would have levied a federal tax on chain stores. If adopted, this legislation likely would have ended A&P. While this legislation did not move in Congress, in 1936 Patman sponsored the Robinson–Patman Act that outlawed charging different prices to similar customers; this law passed. Patman then reintroduced his first bill. A&P retained

1800-501: The 1980s, in 2002 it operated at a record loss because of new competition, especially from Walmart. A&P closed more stores, which included the sale of its large Canadian division. A&P also spun off Eight O'Clock Coffee , the last of its manufacturing units. In 1982, Stop & Shop exited New Jersey, not returning for almost 20 years. A&P purchased most of these stores to replace obsolete ones. In 1983, A&P bought Wisconsin-based Kohl's Food Stores (which had been part of

1872-554: The A&;P Family Mart name. The first Family Mart opened in Greenville, South Carolina , as The Family Mart in 1977. The Family Mart chain consisted of mostly 40,000–55,000 square feet (3,700–5,100 m ) stores, and were among the first A&P stores to possess a combination of a full-service supermarket and pharmacy. Scott continued Kane's efforts to improve basic store operations (including cleanliness and customer service) instituting

1944-556: The Canadian Food Basics units) to Montreal-based Metro Inc. for Can$ 1.7 billion in cash plus shares of Metro. By 2009, the A&P name disappeared from these stores. In 2007, A&P closed its New Orleans division, limiting A&P's footprint to the Northeast . Also in 2007, A&P acquired Pathmark , a long-time Northeastern rival, for $ 1.4 billion (~$ 1.98 billion in 2023). With this purchase, A&P again became

2016-456: The Chicago division. Under the plan, A&P also closed its large manufacturing group except the four coffee warehouses. To finance this program, A&P planned to terminate its non-union pension plan, using its $ 200 million surplus. The plan's obligations were covered by annuities that cost only about $ 130 million because of the then high interest rates. A&P's non-union employees were covered by

2088-613: The East Coast, Michael J. Cullen , a then-former A&P employee, opened his first King Kullen supermarket in Jamaica, Queens . Two years later, Big Bear opened in Elizabeth, New Jersey , and quickly equaled the sales of 100 A&Ps. In 1933, A&P's sales dropped 19%, to $ 820 million, because of the competition. After considerable debate, the Hartford brothers decided to open 100 supermarkets,

2160-469: The Hartfords and their competitors enabled the public to enjoy healthier eating at lower cost. In 1950, the average American consumed 10 percent more food than in 1930, with poorer households enjoying an especially important improvement in the quality of the food they consumed. John Kenneth Galbraith supported this contention in his 1952 book, American Capitalism , by citing A&P as an example of countervailing power . To support his thesis, he discussed

2232-456: The U.S. to take advantage of A&P's manufacturing plants and numerous small stores. However, the concept failed to win American customers who were attracted to other chains offering low prices on national brands. James Wood realized that another massive store-closing program was necessary to turn around A&P. In October 1981, it announced that it would downsize to under 1,000 stores and close

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2304-503: The attention of President Franklin D. Roosevelt 's anti-trust chief, Thurman Arnold , who was urged by Representative Wright Patman to investigate A&P. In 1942, A&P and their senior executives—including the Hartford brothers—were criminally charged for restraint of trade in Dallas federal court . In 1944, prosecutors withdrew the complaint on grounds that the Dallas federal judge thought

2376-622: The breakup of A&P's retail operations into seven independent companies. Thousands of letters poured into the Justice Department supporting A&P; the Hartford brothers gave extensive interviews with Time magazine and appeared on the November 13, 1950, cover. Time wrote that, next to General Motors , A&P sold more goods than any other retailer in the world. John was quoted as saying, "I don't know any grocer who wants to stay small ... I don't see how any businessman can limit his growth and stay healthy." The case dragged on into

2448-445: The business-friendly Eisenhower administration . In late 1953, the government agreed to drop its demands to break up A&P if they shut down their produce brokerage that also supplied competitors. In fighting the anti-trust suits, A&P also emphasized the considerable impact of their activities on the public welfare, which had been recognized as the legacy of George Hartford Sr. and his sons. The concepts pioneered and perfected by

2520-658: The case was weak. The same day the Dallas case was withdrawn, charges were filed in Danville, Illinois against the same defendants, and were assigned to Federal Judge Walter Lindley . The prosecution complained that A&P had an unfair competitive advantage because their vertical integration including manufacturing; warehousing, and retailing allowed them to charge lower prices. Prosecutors also complained that A&P refused to buy from food retailers who sold only through brokers or refused to give A&P advertising allowances. The judges contended that if unchecked, A&P would become

2592-492: The chain veered from its low-cost discipline. In early 1926, the brothers discussed the situation with division management and launched a program to lower prices and improve cost controls. That year, sales increased 32%; A&P moved its headquarters to the new Graybar Building adjacent to Grand Central Terminal . In 1927, A&P established a Canadian division ; by 1929 it operated 200 stores in Ontario and Quebec . In 1930,

2664-469: The company passed into a trust with his sons George, Edward, and John as trustees in complete control. After World War I , A&P rapidly expanded; in 1925 it operated 13,961 stores. The newer combination stores included space for meats, produce, and dairy, as well as traditional grocery items. Sales reached $ 400 million and profit was $ 10 million. However, the Hartford brothers were concerned that gross margins had reached 22% to cover higher costs and that

2736-471: The company's leases were in his name. The heirs realized that without Hartford, the firm would quickly become unprofitable. Therefore, in 1902 they agreed to a settlement where A&P was to be incorporated, with $ 2.1 million (~$ 59.9 million in 2023) in assets. Under this agreement, the Gilman heirs received $ 1.25 million in preferred shares at 6% interest, while Hartford received $ 700,000 in common stock and

2808-885: The conclusion that it could no longer wait for a turnaround. Erivan Haub , owner of the German Tengelmann Group , expressed interest. Born in 1930, Haub studied retailing in the U.S. after World War II and built his family's grocery business into a 2,000-store chain with annual sales of the equivalent of $ 2 billion. Although still having a home in Germany, his children were born in the United States. Haub agreed to pay $ 7.375 per share for 42% of A&P's stock. Haub also quietly bought other shares until he owned 50.3% in February 1981. Scott did not renew his five-year contract; Haub hired James Wood to become chairman. Wood, an Englishman who

2880-416: The corporation's 16,000 stores reached $ 2.9 billion (~$ 42.1 billion in 2023) in sales, resulting in a 25% grocery-store share in its operating areas, and about 10% nationwide. No retail company had ever achieved these results. A&P was twice as large as the next largest retailer, Sears , and four times that of grocer Kroger . Unlike most of its competitors, A&P was in excellent position to weather

2952-494: The filing, A&P remained in operation (with its stock symbol changed to GAPTQ ) while it developed a reorganization plan. In November 2011, the corporation announced that it had entered into an agreement to receive $ 490 million (~$ 655 million in 2023) of debt and equity financing from Yucaipa, Mount Kellett Capital Management, and investment funds managed by Goldman Sachs Asset Management. The agreement enabled A&P to complete its restructuring and emerge from Chapter 11 as

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3024-403: The firm became a retailer, Great American Tea Company . Quickly, it opened five stores, moving its office and warehouse to 51 Vesey Street . Gilman proved to be a master at promotion; the business quickly expanded by advertising low prices. The firm was able to offer low prices by acting as both the wholesaler and retailer. Gilman also built a nationwide mail order business. By 1866, the firm

3096-588: The firm. A&P lore holds that George convinced his father to expand the product line to include A&P-branded baking powder . Over the next decade, the company added other A&P-branded products, such as condensed milk , spices, and butter. As it expanded its offerings, the tea company was gradually creating the first grocery chain. By 1900, the firm had sales of $ 5 million (~$ 151 million in 2023) from 198 stores as well as its mail order and wagon route operations. However, other grocery chains were expanding more rapidly and blanketing their respective areas while

3168-471: The first of which was in Braddock, Pennsylvania . The new stores proved to be very successful; in 1938, the company operated 1,100 supermarkets. The chain continued to build supermarkets and slowly phase out smaller stores except in dense urban areas; in 1950, A&P operated 4,000 supermarkets and 500 smaller stores. Sales reached $ 3.2 billion with an after-tax profit of $ 32 million. A&P's success attracted

3240-613: The first rector of nearby Trinity Church . The intersection of Vesey and West Streets was the site of the Washington Market, the city's main produce market. Established in 1812, its location near the docks facilitated the movement of goods. Prior to the construction of the World Trade Center it ran as a continuous street from Broadway to the Hudson River . As of 2013, it is still a continuous street, but it has four discontinuous segments with mixed uses: The eastern extension of

3312-631: The heirs of the Hartford family and the Hartford Foundation, which owned a majority of the stock, sold to the Tengelmann Group of Germany. In 1951, John Hartford died in the Chrysler Building after returning from a meeting of the automaker's board of directors. George remained as A&P's chairman and treasurer, appointing the corporation's longtime secretary Ralph Burger as its new president. While Burger started with A&P in 1910 as

3384-648: The initial sales gains evaporated and the six outside directors threatened to resign unless Burger retired. When Burger left in May 1963, the stock was trading in the $ 30s (~$ 299.00 in 2023). Burger was replaced with a succession of presidents who were unable to stem the downward spiral. In 1971, the board turned to William J. Kane, who joined A&P in 1934 as a full-time store clerk. Kane believed that A&P could be turned around by focusing on basic store operations, including cleanliness, product availability, customer service, and courtesy. When his program stalled, Kane implemented

3456-658: The largest grocery retailer in the New York City area, and the second-largest in the Philadelphia area. However, the Federal Trade Commission declared that as a result of the acquisition, A&P would be a monopoly in parts of Long Island and Staten Island . As part of its settlement with the FTC, the corporation was forced to divest of some Waldbaum's and Pathmarks. When A&P marked its 150th anniversary in 2009, it

3528-449: The largest supermarket operator in the New York City area. At the same time, Tengelmann reduced its shares to 38.5%, while the private equity firm Yucaipa , as major shareholder of Pathmark, acquired 27.5% of A&P's shares. In 2012, A&P emerged from bankruptcy by becoming a private company, as Tengelmann ended its holding, and briefly returned to modest profitability in 2013 and 2014. This allowed A&P to regain its position as

3600-573: The latter an upscale New York City-based chain. In 1989, A&P acquired Michigan-based Farmer Jack ; also, A&P attempted to expand into Europe by bidding unsuccessfully for the Gateway Corporation (then the United Kingdom's third-largest grocery chain), although they did open stores in the Netherlands, which they operated until the early 2000s. At the end of the decade, A&P reported

3672-521: The mall at the time, including an Ace Hardware , a beauty salon, and an ice cream shop, would be relocated to an annex next to the mall. In 1995, in completion of this conversion, A&P demolished its existing store at the mall and built a larger Farmer Jack supermarket on the site. The mall's movie theater complex, by then part of the MJR Theatres chain, relocated across the street to a new 16-screen (since expanded to 20 screens) facility in 2002, and

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3744-539: The north, Vesey Street to the south, and Washington Street to the east. Built in 1923, it served as the corporate headquarters of New York Telephone Company (NYTel) . Verizon maintains a presence at this location, although its headquarters is now in Midtown . The Art Deco building was designated as a New York City landmark in 1991 and added to the National Register of Historic Places in 2009. Adjacent to Vesey Street

3816-468: The offer, although some stockholders thought that the offer was attractive considering A&P's continuing difficulties. A&P exited California and Washington state in 1971 and 1974, respectively, making Missouri its westernmost reach. In 1974, the corporation also left its long-time headquarters in the Graybar Building, moving to Montvale, New Jersey . In February 1975, A&P considered

3888-472: The old theaters were replaced with Best Buy and PetSmart. Marshalls replaced Farmer Jack, which closed in 2004. In 2006, Kmart was converted to Sears Essentials . This store closed in 2012. That space has since been divided between Gardner-White Furniture , Michaels , Aldi , and Aspen Dental . The week of July 26, 2014, Halo Burger opened it seventeenth location at the Mall next to YoFresh Yogurt Cafe, which

3960-461: The previous year, losing more business to better-managed competition. As customers were staying away, A&P considered its second bankruptcy filing in less than five years. Vesey Street (Manhattan) Vesey Street ( / ˈ v iː z i / VEE -zee ) is a street in New York City that runs east-west in Lower Manhattan . The street is named after Rev. William Vesey (1674–1746),

4032-435: The product at wholesale, 11 cents per box (3 cents less), and decided that a 1-cent markup was appropriate for its economy store format. Cream of Wheat cut off supplies and A&P sued. U.S. District Court Judge Charles Hough ruled against A&P, saying that a manufacturer can establish retail prices. As a result, A&P and other large chains expanded manufacturing of private brands. Hartford Sr. died in 1917; control of

4104-400: The purchase of coffee and/or tea at its stores. These premiums are now collectibles. Hartford joined Gilman & Company as a clerk perhaps in the late 1850s; Hartford later was promoted to bookkeeper, then cashier, in 1866. By 1871 Hartford was in a position of authority and was responsible for expanding A&P to Chicago after its great fire . A&P's first store outside New York City

4176-679: The remainder of the preferred shares. This gave Hartford control of the voting stock. Over several years, Hartford was able to repurchase the preferred shares from the Gilman heirs. A&P opened an average of one store every three weeks. A nine-story headquarters and warehouse was built in Jersey City ; it later expanded to include a manufacturing plant and bakery. By 1908, George Hartford Sr. divided management responsibilities among his sons, with George Jr. controlling finance with John directing sales and operations. The sons ran A&P for over 40 years. The younger Hartford moved aggressively to promote

4248-513: The self-serve supermarket concept and opened 4,000 larger stores (while phasing out many of its smaller units) by 1950. After two bankruptcies, A&P finally closed the last of its doors in 2015. The forerunner of A&P was founded in the 1850s as Gilman & Company by George Gilman (1826–1901) to continue his father's leather tanning business; in 1858 the firm's address was 98 Gold Street in Manhattan . Gilman's father died in 1859, leaving

4320-402: The son wealthy. That year, Gilman & Company entered the tea and coffee business from that storefront. One source speculates that Gilman decided to enter a more respectable business in light of his wealth. In May 1861, Gilman turned over the tanning business to his brother Winthrop; George moved his tea business to 129 Front Street. Initially, Gilman & Company was a wholesaler. In early 1863

4392-545: The street at Broadway is Ann Street . Designed by Robert D. Kohn in the Art Nouveau style, the Old New York Evening Post Building at 20 Vesey Street was completed in 1907. It was designated as a New York City landmark in 1965 and added to the National Register of Historic Places in 1977. The Barclay–Vesey Building occupies the entire block bounded by West Street to the west, Barclay Street to

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4464-473: The tea company's stores were spread over a much larger area. A&P quickly found itself at a disadvantage. In 1901, George Gilman died without a will , starting a legal battle among his numerous heirs. The senior Hartford stepped into the battle by asserting that, in 1878, Gilman gave him half of the company in an unwritten partnership agreement. Evidence provided to the court established that Hartford received half of A&P's profits starting in 1878 and that

4536-660: The unions refused, A&P started implementing the plan. The unions offered to purchase the stores, but realized that they did not have the capital required. As an alternative, the unions agreed to a profit-sharing arrangement if A&P formed a new subsidiary , and operated under a different name. The new banner, " Super Fresh ", proved profitable. A&P realized that its name was not the asset it had been. A&P started to acquire stores from other chains. Starting in 1982, A&P acquired several chains that continued to be operated under their own names, rather than being converted to A&P . While A&P regained profitability in

4608-605: Was dissolved; the stock began selling on the New York Stock Exchange (under the symbol GAP ) at $ 59 per share. For the first time, A&P elected six outside directors onto its board. In late 1961, A&P stock peaked at $ 70 (~$ 547.00 in 2023). The seeds for A&P's 35-year fall from the country's largest grocery to bankruptcy (and later liquidation) were planted in the 1950s: Ralph Burger attempted to reverse downward tonnage figures by reintroducing trading stamps, creating A&P's Plaid Stamps. However, by late 1962,

4680-554: Was especially hard hit because of its increased debt load to complete the Pathmark purchase. In June 2010, A&P stopped paying $ 150 million (~$ 205 million in 2023) in rent on the closed Farmer Jack stores. In August, A&P announced that it would close another 25 stores in Connecticut, Maryland, New Jersey, New York, and Pennsylvania: 13 Pathmarks, 6 A&Ps, 2 Waldbaum's, and 4 Super Fresh stores. In September, A&P announced it

4752-472: Was named CEO and President as the company broke even. On January 15, 2015, the trade publication Supermarket News reported that A&P was still for sale. There were rumors of several parties being interested, including Cerberus , still owning Albertsons assets. However, no suitable offers were received. In May, rumors emerged that A&P was in more financial trouble as it declared a huge loss (in April) for

4824-427: Was now reduced to 600 stores. Christian W.E. Haub , the youngest son of Erivan, became co-CEO in 1994 and CEO in 1997 when Wood retired from that post. In 2001, Wood also retired as chairman, with Haub assuming that title as well. Nationwide, Walmart gained a dominant position in the grocery industry, forcing much of the competition to downsize, though in A&P's core Northeast region, Walmart still had not become

4896-746: Was opened just days after the disaster. The firm rapidly expanded; in 1875 A&P had stores in 16 cities. In 1878, Gilman left the active management of the firm to Hartford. By then, the firm operated 70 lavishly-equipped stores and a mail order business with combined annual sales of $ 1 million. To raise revenue, Congress raised tariffs on tea and coffee. Profits on these products declined; around 1880 A&P started to sell sugar in its stores. The company continued aggressive growth and by 1884 operated stores as far west as Kansas City and as far south as Atlanta . The company also operated wagon routes to serve rural customers. About this time, two of Hartford's sons, George (1864–1957) and John (1872–1951), joined

4968-598: Was ranked only No. 21 by Supermarket News of the top 75 North American grocery retailers based on 2008 fiscal year estimated sales of US$ 9.6 billion (~$ 13.3 billion in 2023). Tengelmann held approximately 38.5 percent of A&P, with Yucaipa holding a 27.5 percent share; the rest was held by individual shareholders and investor groups. Christian Haub was chairman. Eric Claus, then president and CEO, left A&P, with Sam Martin assuming these responsibilities. The 2008 recession hit many supermarkets as customers migrated to discount markets in even greater numbers. A&P

5040-483: Was selling seven Connecticut stores to Big Y . On December 10, 2010, bankruptcy rumors surfaced; A&P stock tumbled from over $ 3 per share to below $ 1 before trading was halted. Two days later, A&P announced it was filing for Chapter 11 bankruptcy. According to documents submitted to U.S. Bankruptcy Court in White Plains, New York , A&P listed over $ 2.5 billion in assets, and $ 3.2 billion in debt. After

5112-499: Was the same age as Haub, previously ran the American Grand Union supermarket chain. Many executives recruited by Scott left A&P; they were replaced by Wood's associates from Grand Union. In Germany, Tengelmann had considerable success with Plus stores ; they were smaller units featuring low price private-label products along with a limited assortment of meats and produce. A&P opened several divisions of Plus stores in

5184-726: Was valued at more than $ 1 million (~$ 16.3 million in 2023). In 1869, the transcontinental railroad was completed; Gilman created a parallel company, the Great Atlantic & Pacific Tea Company , to promote the then-new concept of prepackaged tea under the Thea-Nector name. The tea company, which some sources say was co-founded by George Huntington Hartford , continued to use the Great American name for mail-order purposes. In 1871, A&P introduced another concept when it offered premiums , such as lithographs, china, and glassware with

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