Court Confirms Tops Markets' Reorganization Plan
WILLIAMSVILLE, NY - Beleaguered retailer Tops Markets turned a corner this week. Tops noted that the United States Bankruptcy Court for the Southern District of New York confirmed the company’s Plan of Reorganization, and it's set to complete restructuring and emerge from Chapter 11 in the near future.
“We are pleased to receive the Court’s approval of our Plan and are poised to emerge from this process an even stronger and more competitive company,” said Frank Curci, Chief Executive Officer, in a press release. “Through this process, we have accomplished several key objectives, including significantly reducing our debt, creating a viable cost structure, and efficiently optimizing our store portfolio. Importantly, we provided an opportunity for employment to every associate who was interested and impacted by store closings at other nearby stores. Our restructuring will create an even more exceptional shopping experience for our customers and assure that we will continue to serve our communities like no one else can.”
Tops initially filed for Chapter 11 this February, hoping to restructure a large amount of accumulated debt. The retailer first filed restructuring plans in August—plans that detailed the closing of underperforming stores—ten of the company’s then 169 locations.
Curci added: “On behalf of everyone at Tops, I want to thank all Tops associates, who have continued to provide customers with convenient, friendly and high-quality service. I also want to thank our loyal customers, suppliers, and other stakeholders for their continued support throughout this process.”
For more on Tops, as the company climbs onward and upward, keep reading AndNowUKnow.