Last updated on September 5th, 2018 at 02:17 pm
Tops Friendly Markets, which filed for Chapter 11 bankruptcy in February, plans to close 10 underperforming stores in New York by Nov. 30. As part of the move, Tops will file a reorganization disclosure statement with the U.S. Bankruptcy Court, and a hearing is scheduled for Sept. 27.
The 10 stores to be closed are 2120 West Genesee Street and 4141 South Salina Street, Syracuse; 710 Lake Avenue and 175 N. Winton Road, Rochester; 6720 Pittsford/Palmyra Road, Fairport; 33 Forgham Street, Lyons; 381 Hamilton Street, Geneva; 909 West First Street, S. Fulton; 299 S. Main Street, Elmira; and 622 Lake Flower Avenue, Saranac Lake.
“We are making significant progress in our financial restructuring process, and our operating results have remained strong,” said Frank Curci, Tops CEO. “The vast majority of our stores are profitable, and we are seeing strong customer support continue to drive growth in these locations. That said, there are a few stores that are not performing to our standards due to a number of factors including location, store size, lack of visibility and lease costs. We are using the tools available to us through the court supervised process to conduct an orderly wind-down of these stores.”
According to Tops, the impacted stores will continue to serve customers until their closure. Currently, Tops operates 169 locations throughout New York, northern Pennsylvania and Vermont. Fewer than 600 of the company’s 14,000 associates work at the impacted stores, and these stores represent less than 4 percent of Tops overall sales, the company says.
“We recognize the important role that our associates play in driving our success and serving our customers and our communities,” Curci said. “We will treat associates fairly and with the respect that they deserve.”
Tops will work with impacted associates to find them placement at nearby store locations.
Tops officials say the company is taking this action as it continues to focus on strengthening its financial position so it can invest further in its stores, compete more effectively and create a better shopping experience for its customers.
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