Tops Markets LLC has successfully completed its financial restructuring and emerged from Chapter 11. The company, which reorganized with the support of its secured creditors and the Official Committee of Unsecured Creditors, says it is emerging with “enhanced financial flexibility and (is) well positioned for long-term success,” adding that it will invest in its stores to create an “even more exceptional shopping experience.”
The Williamsville, New York-based company is emerging from Chapter 11 with a substantially stronger balance sheet, reducing its debt by approximately $445 million and with more than $100 million in liquidity. It also emerges having resolved the labor and pension issues that it faced at the commencement of the Chapter 11 cases, the company says.
“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. We are investing in our stores and rolling out new services that make shopping with us even easier. Some of those services include Tops Grocery Pick Up, which allows customers to order groceries online and select their preferred pickup times. This builds upon the grocery delivery option that rolled out late last year. With Thanksgiving and the holiday season right around the corner, not only will shoppers find the best deals in town on family meals, gifts and household essentials, they will also be able to take advantage of exclusive savings opportunities like Tops Christmas Bonus,” said Frank Curci, CEO.
He continued, “We thank our customers for their continued support, our Tops’ associates who provide our customers with exceptional service every day and our vendors and partners for their ongoing support as we look forward to continuing to serve our communities for years to come.”
Tops Markets LLC operates 159 full-service supermarkets in Upstate New York, Northern Pennsylvania and Vermont, with five additional by franchisees under the store banner. The grocer employs more than 14,000 associates.