Tops Markets Files Plan of Reorganization and Disclosure Statement, Closes Ten Stores
NEW YORK, NY - This week, Tops Markets filed a Plan of Reorganization and a related Disclosure Statement with the United States Bankruptcy Court. As part of its strategy, which incorporates the company’s court-approved agreements with its unions, Tops will close ten underperforming stores in New York state by the end of November.
“The filing of our plan moves Tops another step closer to a successful completion of our financial restructuring,” said Frank Curci, Chief Executive Officer. “We are pleased to submit a plan that will establish a sustainable capital structure and provide the financial flexibility to create an even more exceptional shopping experience for our customers and emerge from this process as a stronger competitor. We thank our employees for maintaining our high quality of customer service and dedication to Tops, as well as our loyal customers, suppliers, and other stakeholders for their support as we progress through this process.”
According to a press release, Tops is closing the following stores in favor of investing in its 169 locations to continue to compete in the competitive grocery retail market:
- 2120 West Genesee Street, Syracuse, NY
- 4141 South Salina Street, Syracuse, NY
- 710 Lake Avenue, Rochester, NY
- 175 N. Winton Rd., Rochester, NY
- 6720 Pittsford/Palmyra Rd., Fairport, NY
- 33 Forgham Street, Lyons, NY
- 381 Hamilton Street, Geneva, NY
- 909 West 1st Street S., Fulton, NY
- 299 S. Main Street, Elmira, NY
- 622 Lake Flower Ave., Saranac Lake, NY
“The vast majority of our stores are profitable, and we are seeing strong customer support continue to drive growth in these locations. That said, there are a few stores that are not performing to our standards, due to a number of factors including location, store size, lack of visibility, and lease costs. We are using the tools available to us through the court-supervised process to conduct an orderly wind down of these stores. We are pleased to continue serving our communities with existing locations that are all in close proximity to the affected stores, and providing the same great service, value, and convenience that our customers expect from us,” Curci continued.
While Tops’ Plan of Reorganization is already in effect, confirmation will happen November 8, 2018 and a hearing to consider the approval of the Disclosure Statement is scheduled for September 27, 2018.
Will Tops Markets find success with its new financial strategy? AndNowUKnow will keep reporting on all grocery retail developments.
