Tops Wraps Up Financial Restructuring
Tops Markets LLC has revealed the successful completion of its financial restructuring and emergence from Chapter 11 bankruptcy protection. The company reorganized on a fully consensual basis, with the support of its secured creditors and the official committee of unsecured creditors.
According to Tops, it’s emerging from bankruptcy “with a substantially stronger balance sheet, reducing its debt by approximately $445 million, and with over $100 million in liquidity.” As a result of its “significantly enhanced financial flexibility,” the grocer will be able to invest in its stores to create an enhanced shopping experience. The company also noted that it has resolved ongoing labor and pension issues.
“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,” said Frank Curci, CEO of Williamsville, N.Y.-based Tops. “We are investing in our stores and rolling out new services that make shopping with us even easier.”
Among those services is Tops Grocery Pick Up, which enables customers to order groceries online and select their preferred pickup times, building upon the grocery delivery option the company introduced last year, and the annual Tops Christmas Bonus program that lets participants save during the holiday season.
Weil, Gotshal & Manges LLP served as legal counsel to Tops, Evercore Group L.L.C. served as investment banker, and FTI Consulting, Inc. served as restructuring advisor.
Tops operates 159 supermarkets, with five additional by franchisees under the Tops banner, employing more than 14,000 associates in New York, northern Pennsylvania, and Vermont. The company is No. 28 on Progressive Grocer’s 2018 Super 50 list of the top grocers in the United States.