ROCHESTER, N.Y. (WROC-TV) - Bloomberg is reporting that Tops Friendly Markets is ready to file for bankruptcy. If true, it would impact tens of thousands of employees locally.
Monroe County is home to 20 stores so when customers heard the word "bankruptcy" they could only think the worst. News 8 spoke with retired bankruptcy judge John Ninfo who said this is not the first time the supermarket chain has filed bankruptcy.
According to Ninfo, companies like Tops have been preparing for this for some time now.
"More likely Chapter 11 reorganization and you’ve seen a lot of the big retailers doing so in the past," said Ninfo, "They close some of the stores that are performing as well consolidate into some different things."
He believes it's unlikely for Tops to file a charter 7 which would liquidate all their assets. However, the companies plans won't be clear for another few weeks.
News 8 reached out to Tops Friendly Markets for comment but did not hear back.
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