Tops Markets says a federal bankruptcy court has confirmed its plan of reorganization
Officials with Tops Markets say that a federal bankruptcy court has confirmed the company’s plan of reorganization and the supermarket chain expects to complete its restructuring and emerge from Chapter 11 shortly.
CEO Frank Curci said that Tops is “poised to emerge from this process an even stronger and more competitive company,” and he says that they have accomplished several key objectives including significantly reducing debt, creating a viable cost structure and efficiently optimizing our store portfolio.
As part of the restructuring, Tops this year closed 10 stores, including 5 in the Rochester-Finger Lakes region.
In a statement released on Thursday, Curci said that Tops “provided an opportunity for employment to every associate who was interested and impacted by store closings at other nearby stores.”
He says the restructuring will create “an even more exceptional shopping experience for our customers."