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Walmart Files for Bankruptcy 1,700 stores to Close, 33,000 Employees Out of Work

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Walmart Files for Bankruptcy 1,700 stores to Close, 33,000 Employees Out of Work

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Wal-Mart inc, the supermarket company known as the biggest in the world, and certain affiliates that it owns including Sam’s Club filed for Chapter 11 bankruptcy protection late today.

The company, which owns stores such as A&P, Best Cellars, Pathmark, Superfresh, Waldbaum’s, and the aforementioned Sam’s Club listed assets and liabilities of more than $24 billion in its bankruptcy filing.
A&P, which was founded in 1859 by George Huntington Hartford and George Gilman, began operations as the Great American Tea. Its first store, on Vesey Street in Manhattan, sold coffee, tea and spices at low prices, according to its website.

Wal-Mart has received debtor-in-possession financing of $300 million from Folks World Credit, court documents show.

The huge company employs about 234,000, according to its website and will be forced to let go 33,000 of its employees.

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