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A&P Insiders Took Home Millions in Year Before Bankruptcy

Submitted by jhartgen@abi.org on

Grocery chain Great Atlantic & Pacific Tea Co., commonly known as A&P, paid out $9.4 million in bonuses and other extra payments to insiders in the 12 months before its July bankruptcy but hasn't publicly named the recipients in court filings, the Wall Street Journal reported on Saturday. According to court documents, eight A&P officers and directors received the money, which included $1.3 million in the form of bonuses. Another $6 million, doled out in April, is labeled as trust contributions, while $2.1 million in payments was reported as board/consulting fees. The extra pay was part of $13 million collected by a dozen unnamed officers and directors, a total that also included salary, benefits and expense reimbursements.