Photo: AP

The Pension Benefit Guaranty Corporation has announced that it will pay retirement benefits for more than 21,000 current and future retirees of the Montvale, New Jersey-based Great Atlantic & Pacific Tea Co., a supermarket chain commonly known as A&P.

In addition, PBGC has reached a final agreement with Sears Holdings Corp. that provides substantial protections for the Sears pension plan, which covers nearly 200,000 people. A tentative arrangement was first announced in September 2015. After extensive talks, the agreement is now final.

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