WILLIAMSVILLE, N.Y. - Tops Markets has announced plans to financially restructure its business under Chapter 11 Bankruptcy.
In a statement released to 2 On Your Side, Tops Markets says there will be no impact on day-to-day operations at its stores in Western New York, Northern Pennsylvania and Vermont.
“We believe the financing that we received from our noteholders is a vote of confidence in our business. Our operations are strong and we have an outstanding network of stores and a talented team to support them. We are now undertaking a financial restructuring, through which we expect to substantially reduce our debt and achieve long-term financial flexibility," said Frank Curci, Chief Executive Officer of Tops. "This will enable us to invest further in our stores, create an even more exceptional shopping experience for our customers and compete more effectively in today’s highly competitive and evolving market.”
Tops has also set up a website for additional questions about the company's financial restructuring.
Tops Markets has filed several court motions to continue to support its business operations during its restructuring process, including continuing to pay employee wages and benefits without interruption.