the largest grocery retailer in the New York City area, and the second-largest in the Philadelphia area. However, the Federal Trade Commission declared that as a result of the acquisition, A&P would be a monopoly in parts of Long Island and Staten Island. As part of its settlement with the FTC, the corporation was forced to divest of some Waldbaum's and Pathmarks. When A&P marked its 150th anniversary in 2009, it was ranked only No. 21 by Supermarket News of the top 75 North American grocery retailers based on 2008 fiscal year estimated sales of US$9.6 billion. Tengelmann held approximately 38.5 percent of A&P, with Yucaipa holding a 27.5 percent share; the rest was held by individual shareholders and investor groups. Christian Haub was chairman. Eric Claus, then president and CEO, left A&P, with Sam Martin assuming these responsibilities. First Chapter 11 bankruptcy (2010) The 2008 recession hit many supermarkets as customers migrated to discount markets in even greater numbers. A&P was especially hard hit because of its increased debt load to complete the Pathmark purchase. In June 2010, A&P stopped paying $150 million in rent on the closed Farmer Jack stores. In August, A&P announced that it would close another 25 stores in Connecticut, Maryland, New Jersey, New York, and Pennsylvania: 13 Pathmarks, 6 A&Ps, 2 Waldbaum's, and 4 Super Fresh stores. In September, A&P announced it was selling seven Connecticut stores to Big Y. On December 10, 2010, bankruptcy rumors surfaced; A&P stock tumbled from over $3 per share to below $1 before trading was halted. Two days later, A&P announced it was filing for Chapter 11 bankruptcy. According to documents submitted to U.S. Bankruptcy Court in White Plains, New York, A&P listed over $2.5 billion in assets, and $3.2 billion in debt. After the filing, A&P remained in operation (with its stock symbol changed to GAPTQ) while it developed a reorganization plan. In November 2011, the corporation announced that it had entered into an agreement to receive $490 million of debt and equity financing from Yucaipa, Mount Kellett Capital Management, and investment funds managed by Goldman Sachs Asset Management. The agreement enabled A&P to complete its restructuring and emerge from Chapter 11 as a private entity in early 2012. At this time, Christian Haub left A&P, and Tengelmann wrote off its books the remaining equity. Second Chapter 11 bankruptcy and supermarket shutdown A&P briefly returned to modest