FULTON, NY – Tops Markets today (August 30) provided an update on the progress it is making on its financial restructuring process.
The West First Street, Fulton, store is one of the company’s targeted “underperforming stores.”
The company today received court approval of its final agreement with the United Food and Commercial Workers Union. Additionally, Tops today also announced that following a comprehensive evaluation of its store portfolio and in connection with its ongoing financial restructuring process, it intends to close 10 underperforming stores by the end of November.
Tops is taking this action as it continues to focus on strengthening its financial position so it can invest further in its stores, create an even more exceptional shopping experience for customers, and compete more effectively in today’s highly competitive and evolving market.
Frank Curci, Chief Executive Officer of Tops said, “We are making significant progress in our financial restructuring process and our operating results have remained strong. Receiving court approval of the global settlement with the UFCW is a major milestone in our court supervised restructuring process, as it helps pave the way for our reorganization and ultimate emergence from this process.”
Tops recently completed a review of its store portfolio.
The vast majority of Tops stores are profitable and 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,” Curci said. “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.”
Tops recognizes the important role that its associates play in driving its success and serving its customers and communities, he added.
“We will treat affected associates fairly and with the respect that they deserve. Importantly, we have many openings across our chain of stores and to the extent possible, we will work with impacted associates to find them placement at nearby store locations,” he said.
The company has 169 locations; the 10 affected underperforming stores are as follows:
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 First Street South, Fulton, NY
299 S. Main Street, Elmira, NY
622 Lake Flower Ave., Saranac Lake, NY
The impacted stores are currently open and continuing to serve customers.
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So they brought in an ALDI’s, subsidized the cost of their building and they lose the Topp’s workers jobs who were employed a lot longer and at a higher wage. One more notch on the Mayor and council’s belt and their economic development policies. The local grocery store owners pleaded with them and said that this would happen.
Angelo’s was there for many years, and dealt with the competition with plenty of cashiers and stock clerks. Struppler’s was there for many years, and dealt with competition with plenty of cashiers and stock clerks.
Tops moves in, and within only a few years is closing by dealing with competition with a lack of cashiers and stock clerks.
This is a Tops business model problem, not a problem with other competition in Fulton. Don’t blame the mayor, blame the lack of customer service at Tops.
It would be nice to get another “name brand” store to move in. I shopped at Tops for the quite a bit of what I needed. They had the best meat in Fulton. Looks like its one of the three good ones in Oswego now. Too bad the leadership of Tops has been, is, and always will be horrible. Eventually they will run out of luck at bankruptcy court…three strikes you’re out! May their fate be like that of the Fulton store.
When TOP’S first opened on W 1st street my mother and I went shopping on day 2 … I got the 5/$19.99 meats … I go to check out and the cashier asked if I had a TOP’S Bonus card … I stated No and she, very rudely, stated “I can’t believe how many of you people don’t know you need a Bonus card to get this meat deal!” I was surprised and embarrassed .. So I came back with; “well, (I looked at her name tag) GINGER most of US PEOPLE don’t know that we need a Bonus card because just last week, GINGER, this was Struppler’s and US PEOPLE didn’t need a card to get this deal. But now that I know we do GINGER, I would like to apply for a Bonus card GINGER.” Ok so MAYBE I went a little to far but if you could have seen her face and actually heard her tone of voice, you would understand. I went back there 2 times after that … So my 2nd visit went well and I got some good deals … The 3rd time I got attitude from another cashier because I was using WIC checks for my granddaughter and she said “they are a pain in the ass because we have to check every item for correct amount and size” … So I then decided to never go there again … I’m sure my silently boycotting them didn’t make or break them but if I was treated this way, how many others were?