Great Atlantic & Pacific Tea Co. is facing opposition to its plan to quickly sell or close nearly half of its stores in bankruptcy court, including from landlords and the Pension Benefit Guaranty Corp., The Wall Street Journal reported yesterday. In a Wednesday bankruptcy court filing, PBGC said that the grocery chain should change its auction procedures to “encourage assumption” of pension liabilities by a proposed buyer. Pensions for 25,815 A&P workers under multi-employer plans are currently underfunded by $302.5 million. A&P is seeking to auction 120 of its 296 supermarkets and is looking to close another 25. A hearing on the matter has been set for Monday.
