Tops Seeks OK to Shutter Stores, but no Word on Closures Yet
Tops Markets LLC, which filed for Chapter 11 bankruptcy in February, has sought permission to close underperforming stores, according to a published report citing documents filed last week in U.S. Bankruptcy Court.
The Rochester, N.Y., Democrat & Chronicle reported that grocer requested in a document “to close any stores that they determine, in their business judgment, should be closed in order to preserve liquidity and maximize the value of their respective estates.”
Williamsville, N.Y.-based Tops additionally petitioned the court to be able to sell, transfer or abandon inventory and other assets. If the company receives approval, stores that would shut down would hold closing sales for the locations’ products. The number of stores closing, however, would necessitate the use of a liquidation firm.
The motion is slated to go before the court on May 10 in White Plains, located in New York state’s Westchester County.
Despite the filing, the company, which currently operates 169 stores in New York, Pennsylvania and Vermont, hasn’t yet revealed what, if any, locations it may jettison.
“No decisions have been made about potential store closings,” Tops spokeswoman Kathleen Romanowski told local newspapers.