NEW YORK ( TheStreet) -- Great Atlantic & Pacific Tea ( GAP), better known as A&P, is plunging following rumors of a possible bankruptcy.

A Ch. 11 filing could come as soon as this weekend, Bloomberg reported, citing sources familiar with the matter.

Separately, Reuters reported that A&P hired restructuring lawyers Kirkland & Ellis.

Great Atlantic & Pacific Tea, which owns A&P, Walbaum's and Pathmark, among other grocers, had about $1.5 billion of debt as of September.

Vendors have also reportedly tightened credit terms with A&P over the last several weeks, according to Reuters.

Shares of the company are plunging 66.8% to 94 cents, in afternoon trading.

--Written by Jeanine Poggi in New York.

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