WILLIAMSVILLE — Tops Markets announced Wednesday that it proceeded to file for Chapter 11 to help restructure finances.
According to a news release, Tops stores will continue to serve customers with no impact to day-to-day operations and operations to continue as normal throughout this financial restructuring process with the assistance of two loans totaling $265 million.
A debt restructuring of Tops Friendly Markets was projected a month ago by Standard & Poor’s when it downgraded the supermarket chain’s rating.
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“Tops has built strong market share and our stores continue to distinguish themselves by offering quality products at affordable prices with superior customer service,” said Tops CEO Frank Curci. “We believe the financing that we received from our noteholders is a vote of confidence in our business. We are now undertaking a financial restructuring, through which we expect to substantially reduce our debt and achieve long-term financial flexibility," Curci said.
Tops has seven stores in the region: Bolton, Chestertown, Corinth, Hoosick Falls, North Creek, Schroon Lake and Warrensburg.
According to its website, Tops operates 169 full-service supermarkets, along with an additional five operated by franchisees under the Tops banner, and employs more than 15,000 people.