It’s Official, Tops Friendly Markets To File Chapter 11
This morning, it became official. Tops Friendly Markets officially announced it will file for Chapter 11 Bankruptcy.
Frank Curci, the CEO of Tops released this statement:
Tops have built strong market share and our stores continue to distinguish themselves by offering quality products at affordable prices with superior customer service, We believe the financing that we received from our note holders 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. 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.”
All Stores are expected to remain open.
Tops have also created a website to answer additional questions about the Chapter 11 Filing.
Tops has also created a Restructuring Hotline, toll-free in the U.S. at (888) 764-7358