Tops Markets has completed its financial restructuring and has emerged from Chapter 11 with what company officials said is a "substantially stronger balance sheet."
The Williamsville, N.Y.-based retailer's restructuring has also enabled it to reduce its debt load by approximately $445 million, with more than $100 million in liquidity. Further, Tops also used the reorganization to resolve the labor and pension issues it faced when filing for Chapter 11 in February, having reached an agreement and resolving a dispute with the Teamsters over an underfunded pension fund following the retailer’s acquisition of Erie Logistics' Lancaster facility from C&S Wholesale Grocers four years ago.
Additionally, Tops CEO Frank Curci said the retailer plans to roll out new services such as Tops Grocery Pick Up, which allows customers to order groceries online and select their preferred pickup times. It's an extension of the company's Grocery Delivery option that launched late last year.
“We are moving forward as a stronger company with an even greater ability to provide convenience, savings and friendly service to customers across our communities," Curci said. With Thanksgiving and the holiday season coming up, shoppers will also have the opportunity to take advantage of features such as its Tops Christmas Bonus program, he said.
"We thank our customers for their continued support, our Tops associates who provide our customers with exceptional service every day, and our vendors and partners for their ongoing support as we look forward to continuing to serve our communities for years to come," Curci said.
Weil, Gotshal & Manges LLP served as legal counsel to Tops, Evercore Group LLC served as investment banker and FTI Consulting Inc. served as restructuring adviser.