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Grocery store operator A&P is filing for Chapter 11 bankruptcy with plans to close or sell off stores as it faces increasingly tough competition.

It marks the second time in five years that the Montvale, New Jersey-based company has filed for bankruptcy. More than 100,000 creditors along with more than $1 billion in liabilities and over $1 billion in assets.

The company plans to sell as many of its 296 stores as possible and said in a filing with U.S. Bankruptcy Court in New York that it has bidders for 120 of those operations with expected proceeds of $600 million.

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