Tops Markets emerges from chapter 11 bankruptcy
Tops Markets says it has successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy.
The company says it is emerging from chapter 11 with a substantially stronger balance sheet, reducing its debt by approximately $445 million, and with over $100 million in liquidity.
A statement from Tops released Monday said that this enhanced financial flexibility will enable Tops to continue to invest in its stores. CEO Frank Curci says that Tops is rolling out new services including, “Tops Grocery Pick Up,” which allows customers to order groceries online and select their preferred pickup times.
As part of the restructuring, Tops this year closed 10 stores, including 5 in the Rochester-Finger Lakes region.
Tops is headquartered in Williamsville, near Buffalo, and it operates 159 supermarkets with five additional markets run by franchisees under the Tops Markets banner.
Tops employs more than 14,000 people. The company says that it has emerged from bankruptcy having resolved the labor and pension issues it faced when it first filed for chapter 11 earlier this year.