TOTM
A&P Files for Bankruptcy
Truth on the Market
View Original Source
Recent coverage of the A&P bankruptcy has alluded to its era of “dominance” in grocery retail, describing it as “the Wal-Mart of its day.” See this earlier post on the unconvincing antitrust case against Wal-Mart. However, what the A&P bankruptcy brings to mind for me is Justice Stewart’s famous dissent in Von’s Grocery. The famous line from Stewart’s powerful dissent objecting to the majority’s analysis, devoid of economic analysis and full of now well known contradictions, is his description of the merger law: “the only consistency is that the government always wins.”
