Businesses Going Bankrupt


Which businesses you know are filing for bankruptcy? Most businesses facing insurmountable debts are opting for bankruptcy protection. A&P Supermarkets recently filed for Chapter 11 bankruptcy protection, leaving its 58 city stores facing the prospect of closing down. This gave rise to the United Food and Commercial Workers Union (UFCW) appeal to City Council Speaker Christine Quinn and New York City Mayor Michael Bloomberg.

In separate letters sent to Quinn and Bloomberg, the UFCW local 1500 asked for a meeting to discuss the ‘tremendous negative effects on the city of New York’ in the event A&P Supermarket stores shut down and lay off its workers. As it is, the city already faces a food desert crisis. This is anticipated to get worse if the 58 A&P Supermarket stores are forced to shut down. These stores are seen to provide the essentials for a good economy – good food, good jobs and good health.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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