Tops Reorganization Plan
OK’d By Bankruptcy Court
WILLIAMSVILLE – Tops Markets, which operates a supermarket in Cooperstown Commons, today announced that the U.S. Bankruptcy Court for the Southern District of New York has confirmed the company’s Plan of Reorganization.
Tops announced it expects to complete its restructuring and emerge from Chapter 11 shortly.
“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,” he added, “we have accomplished several key objectives, including significantly reducing our debt, creating a viable cost structure and efficiently optimizing our store portfolio.”
The company also provided an opportunity for employment in nearby stores to every associate who lost a job in store closings, Curci said.
Weil, Gotshal & Manges LLP is serving as legal counsel to Tops, Evercore is serving as Investment Banker and FTI Consulting, Inc. is serving as restructuring advisor.
Headquartered in suburban Buffalo, Tops operates 159 full-service supermarkets with five additional by franchisees under the Tops Markets banner. Tops employs over 14,000 associates and is a leading full-service grocery retailer in Upstate New York, Northern Pennsylvania, and Vermont.