Wednesday, October 14, 2015
Decelerating Retail News
Great Atlantic & Pacific Tea Co. is selling 11 A&P, Pathmark and Waldbaums stores in NY and PA and one A&P store in CT to Wakefern Food Corp. for $40 million, subject to higher bids at auction...A Delaware bankruptcy judge said he will give final approval to the reorganization plan of electronics retailer RadioShack, which sought bankruptcy protection in February, having struggled for years and been unable to turn a profit since 2011. The reorganization plan is centered around acquisition of more than 1,740 RadioShack stores by General Wireless, which also bought RadioShack's intellectual property, including trademarks and customer data...Dunkin' Donuts franchisee Speedway, a gas station and convenience store chain, plans to close 100 Dunkin' Donuts locations in its US stores...American Apparel has filed for bankruptcy. As part of a prearranged Chapter 11 restructuring, more than $200 million of bonds will be exchanged for stock in the reorganized company and the clothing retailer will have access to financing after its restructuring. At the end of March, American Apparel had 249 stores in 20 countries.