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Bankruptcy court OKs plans for Tops restructuring

BUFFALO, NY (WROC) - A bankruptcy court has approved a plan by Tops to complete its restructuring.

The company crafted a plan to deal with a substantial portion of debt owed by the supermarket chain using a loan refinance that debt.

Part of the plan included shutting down ten underperforming stores, including two spots in Rochester and three others in the area.

In a statement, Tops leaders wrote:

“We are pleased to receive the Court’s approval of our Plan and are poised to emerge from this process an even stronger and more competitive company,” said Frank Curci, Chief Executive Officer of Tops. “Through this process, we have accomplished several key objectives, including significantly reducing our debt, creating a viable cost structure and efficiently optimizing our store portfolio. Importantly, we provided an opportunity for employment to every associate who was interested and impacted by store closings at other nearby stores. Our restructuring will create an even more exceptional shopping experience for our customers and assure that we will continue to serve our communities like no one else can.”

“On behalf of everyone at Tops, I want to thank all Tops associates, who have continued to provide customers with convenient, friendly and high-quality service. I also want to thank our loyal customers, suppliers and other stakeholders for their continued support throughout this process. ” 

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