Tops Markets LLC is another step closer to completing its financial restructuring after filing its reorganization plan with the U.S. Bankruptcy Court, which will rule on the retailer’s court-approved agreements with United Food and Commercial Workers to close 10 underperforming stores by the end of November.
Tops restructuring plan and related disclosure statements will be heard by the southern district of New York’s bankruptcy court at a hearing scheduled for Sept. 27. After which, the Williamsville, N.Y.-based retailer intends to commence with closing the 10 affected stores on Nov. 8.
Tops CEO Frank Curci said the “plan that will establish a sustainable capital structure and provide the financial flexibility to create an even more exceptional shopping experience for our customers and emerge from this process as a stronger competitor.”
Curci again commended the company’s 14,000 associates “for maintaining our high quality of customer service and dedication to Tops, as well as our loyal customers, suppliers and other stakeholders for their support as we progress through this process."
Tops said its restructuring plan also has the support of its senior secured lenders, which hold more than 87% of its senior secured notes due 2022.
Tops Markets, which operates 169 full-service supermarkets and five franchise locations under the Tops Markets banner in upstate New York, northern Pennsylvania and Vermont, is represented in its restructuring plan by adviser FTI Consulting Inc.; Weil, Gotshal & Manges LLP as its legal counsel and Evercore as its investment banker.
Additional information is available on Tops’ restructuring website or by calling its restructuring hotline toll-free in the U.S. at (888) 764-7358.