By Joshua Burd for NJBIZ

The Montvale-based parent company of A&P has filed for bankruptcy for the second time since 2010, as the iconic supermarket chain reportedly seeks to sell its remaining 300 stores.

The Great Atlantic & Pacific Tea Co. filed for Chapter 11 bankruptcy protection late Sunday, according to multiple reports. The Wall Street Journal reported the company has lined up bidders for 120 of its 296 stores, with total expected proceeds of about $600 million, and that it will seek buyers for most of the rest of its stores as part of the bankruptcy process.

The 156-year-old company, which also owns brands such as Pathmark, Waldbaum’s and Superfresh, has struggled in recent years amid competition from both high-end, health-conscious grocery stores and longtime competitors such as ShopRite. The Wall Street Journal also noted A&P has been hurt by low-cost operators such as Wal-Mart, which are increasingly moving into the grocery business.

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