Supermarket Filing Bankruptcy

Another one bites the dust. Maybe. The Great Atlantic & Pacific Tea Company, Inc. GAP is going to file bankruptcy, reports Bloomberg. Shares are plunging on this news, down nearly 40%. Zero Hedge tweeted that Philip Faclone's Harbinger fund was reported to have a major position in the second lien debt of A&P, which would be wiped out if indeed the company does file bankruptcy.