As the story of the A&P bankruptcy evolves, how are the beleaguered company's top brass faring? Very nicely, in fact.
While the supermarket chain begins the process of auctioning off as many individual stores as possible Thursday, it also filed court documents that revealed which executives received salaries, bonuses, consulting fees and other payments totaling nearly $13 million in the year prior to A&P filing for bankruptcy. Nearly $4 million went to salaries, expense reimbursements, holiday pay, car allowances and other similar payments while $6 million was deposited into a trust held specifically for the benefit of five senior managers:
Update - 10/14
Not much in the way of news, but the buyer is Manichevitz Family LLC. The LLC was incorporated three weeks ago, and has a Borough Park address. This seems to suggest that the buyer has no connection with Bain Capital/Manischewitz. Still, workers I spoke to at the store are convinced there is a bigger real estate company behind the nominal buyer. For now, all remains conjecture.