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.