Riverhead Waldbaum’s set to close as parent company files for bankruptcy

The Riverhead Waldbaum’s supermarket is one of five Long Island locations that will close as its parent company files for Chapter 11 bankruptcy.

The announcement came down today that the Great Atlantic & Pacific Tea Co. will be closing 25 stores in the upcoming months after the company filed for bankruptcy last night for the second time in five years.

In a letter released today to the public by Greg Mays, Chairman of the Great Atlantic & Pacific Tea Co., said that closing locations will remain fully stocked until they close within the next few months and that stores will continue to honor all existing customer promotional and loyal programs.

There will be a significant mark-down on many products, the letter said.

A&P also announced today that it has executed asset purchase agreements covering approximately 120 stores at a purchase price of approximately $600 million. A&P secured financing of $100 million and voluntarily filed a voluntary petition under Chapter 11 of the federal bankruptcy code with the U.S. Bankruptcy Court for the Southern District of New York, the company said in a press release.

The company currently operates 296 stores under the brand names A&P, Best Cellars, Food Basics, The Food Emporium, Pathmark, Superfresh and Waldbaum’s.