WILLIAMSVILLE, NY – Tops Markets, LLC today (August 31) announced that it has filed a Plan of Reorganization and a related Disclosure Statement with the United States Bankruptcy Court for the Southern District of New York.
The plan incorporates the company’s court-approved agreements with its unions and is supported by certain of the company’s senior secured lenders that hold more than 87% of its Senior Secured Notes due 2022.
“The filing of our plan moves Tops another step closer to a successful completion of our financial restructuring,” said Frank Curci, Chief Executive Officer of Tops. “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.”
Curci added, “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.”
A hearing to consider approval of the Disclosure Statement is scheduled for September 27. Following approval of the Disclosure Statement, the company intends to seek confirmation of the plan on November 8.
Tops officials declined to give further comments / details.
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I really like the Tops here in Fulton, NY. It is within two miles, the employees are friendly, and it is a convenient alternative to the corporate machine of your Price Choppers and Walmarts. I am saddened by the closure of my local Tops. I begin to wonder if it was a good idea for the approval of an Aldi being built here in town on the old Nestle property.
re: Mike…just curious as to when a business actually becomes a “corporate machine”? Is it when they become incorporated, or when they have multipul locations, or reach a certain number of employees, or what? And why wouldn’t Top’s be considered one?
When it comes to grocery stores inparticular, they come and go all the time. Some due to marketplace competition, others due to population growth (or decline) within an area.
Back in the day, “grocery stores” like A&P, Loblaws, IGA, were being devoured when “supermarkets” like Super Duper, P&C, Great American, and Price Chopper were gaining ground. They also basically killed off the mom and pop corner stores that used to be all over the place in residential neighborhoods. I guess since it’s the food industry, “consumption is inevitable”.