AMHERST, N.Y. (WIVB) – Tops Markets LLC filed bankruptcy Wednesday morning, the first step in bringing the Amherst company’s stifling debt load, estimated at nearly a half billion dollars, under control.
Frank Curci, the CEO of Tops Friendly Markets, says that the company is filing for Chapter 11 bankruptcy.
“Today, Tops Markets has taken an important step to better position our business for long-term success,” Curci wrote. “We are pursuing a voluntary financial restructuring that will help make us a stronger competitor. All of our stores are open, with no impact on daily operations. Just as we have for 56 years, Tops Markets is as focused as ever on serving our communities and providing our customers with an exceptional shopping experience.”
Chapter 11 of the U.S. Bankruptcy Code is designed to allow a business to continue its day-to-day operation while working to get its debt dilemma under control, which also means getting costs under control, and that can affect customers.
But for the time being, Tops is assuring its customers it is “business as usual,” at all its stores are open and they are still getting merchandise from suppliers.
Tops Markets LLC has 14,000 employees and operates 169 stores in three states. Curci says all employees are receiving their full pay and benefits.