Tops Markets emerges from bakruptcy
The Tops supermarket chain says it has emerged from bankruptcy.The company says in a statement Monday that it has reorganized with the support of its creditors and reduced its debt by about $445 million. A court approved the restructuring plan earlier this month.
Headquartered in Williamsville, Tops announced in February that it was filing for Chapter 11 bankruptcy. As part of its reorganization, it closed 10 stores and resolved a pension dispute with the United Food and Commercial Workers Union, which represents most of its workers.
“We are moving forward as a stronger Company with an even greater ability to provide convenience, savings and friendly service to customers across our communities. We are investing in our stores and rolling out new services that make shopping with us even easier" said Tops Chief Executive Officer Frank Curci.
Tops now has 159 supermarkets in upstate New York, northern Pennsylvania and Vermont. It employs 14,000 people.