Tops Markets files for bankruptcy
After days of press speculation as to its financial health, Tops Markets LLC has revealed that it has filed for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. The Williamsville, N.Y.-based grocer described the move as “pursuing a financial restructuring in order to eliminate a substantial portion of debt from the company’s balance sheet and position Tops for long-term success.”
Despite the filing, “stores across the company’s portfolio in upstate New York, northern Pennsylvania and Vermont are continuing to serve customers with no impact to day-to-day operations,” Tops said. “The company fully expects operations to continue as normal throughout this financial restructuring process.”
Store Brands's sister publication, Progressive Grocer, has more on the story here.