Court Confirms Tops’ Plan of Reorganization
The U.S. Bankruptcy Court for the Southern District of New York has confirmed Tops Markets LLC’s plan of reorganization. Williamsville, N.Y.-based Tops expects to complete its restructuring and emerge from Chapter 11 shortly. The company filed for bankruptcy back in February.
“We are pleased to receive the court’s approval of our plan and are poised to emerge from this process an even stronger and more competitive company,” said Tops CEO Frank Curci. “Through this process, we have accomplished several key objectives, including significantly reducing our debt, creating a viable cost structure and efficiently optimizing our store portfolio. Importantly, we provided an opportunity for employment to every associate who was interested and impacted by store closings at other nearby stores. Our restructuring will create an even more exceptional shopping experience for our customers and assure that we will continue to serve our communities like no one else can.”
Weil, Gotshal & Manges LLP is serving as legal counsel, Evercore is serving as investment banker, and FTI Consulting, Inc. is serving as restructuring advisor to the company.
Further information can be found on on Tops’ restructuring website.
Tops operates 159 supermarkets with five additional by franchisees under the Tops Markets banner. The grocer employs more than 14,000 associates in upstate New York, northern Pennsylvania, and Vermont. Tops is No. on Progressive Grocer’s 2018 Super 50 list of the top grocers in the United States.