MONTVALE, N.J. — A&P has emerged from Chapter 11 bankruptcy protection and is now a private company.

A&P has emerged from Chapter 11 bankruptcy protection and is now a private company.

The company filed for bankruptcy in late 2010 under the pressure of declining sales and a heavily leveraged balance sheet. It has since put a new management team in place, secured financing, closed stores and negotiated deals with employee unions and suppliers.

"In just over one year we have completed a thorough restructuring of A&P’s cost structure and balance sheet to build a strong foundation for the company’s future," said Sam Martin, president and chief executive officer, in a statement.

The reorganization and balance sheet restructuring was achieved with the help of $490 million in debt and equity financing from Mount Kellett Capital Management LP, the Yucaipa Cos. LLC and investment funds managed by Goldman Sachs Asset Management LP. In addition, JPMorgan Chase & Co. and Credit Suisse arranged a $645 million exit financing facility.

Once the nation’s largest grocer, A&P now operates 320 stores in the Northeast.