Bankruptcy reorganization approved for Tops Markets
Officials with Tops Markets say a federal bankruptcy court has confirmed the company’s plan of reorganization and that it expects to complete its restructuring and emerge from Chapter 11 shortly.
CEO Frank Curci said the supermarket chain is “poised to emerge from this process an even stronger and more competitive company” and has accomplished several key objectives, including "significantly reducing debt, creating a viable cost structure and efficiently optimizing the store portfolio."
Tops closed 10 underperforming stores as part of its financial restructuring. The affected stores were primarily in the Rochester and Syracuse areas.
In a statement released Thursday, Curci said that Tops “provided an opportunity for employment to every associate who was interested and impacted by store closings at other nearby stores.” In August, the grocer said that was fewer than 600 employees.