Press release:
Tops Friendly Markets LLC (“Tops” or the “Company”) today announced that it has successfully completed its financial restructuring and emerged from Chapter 11. The Company reorganized on a fully consensual basis, with the support of its secured creditors and the Official Committee of Unsecured Creditors.
The Company is emerging from Chapter 11 with a substantially stronger balance sheet, reducing its debt by approximately $445 million, and with more than $100 million in liquidity. This significantly enhanced financial flexibility will enable the Company to continue to invest in its stores and create an even more exceptional shopping experience for its customers.
The Company also emerges having resolved the labor and pension issues that it faced at the commencement of the Chapter 11 cases.
“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. We are investing in our stores and rolling out new services that make shopping with us even easier" said Frank Curci, chief executive officer of Tops.
“Some of those services include 'Tops Grocery Pick Up' which allows customers to order groceries online and select their preferred pickup times. This builds upon the 'Grocery Delivery' option that rolled out late last year. And, with Thanksgiving and the holiday season right around the corner, not only will shoppers find the best deals in town on family meals, gifts and household essentials, they will also be able to take advantage of exclusive savings opportunities like Tops Christmas Bonus.
"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."
Weil, Gotshal & Manges LLP served as legal counsel to Tops, Evercore Group LLC served as Investment Banker and FTI Consulting Inc. served as restructuring advisor.
About Tops
Tops Markets LLC is headquartered in Williamsville and operates 159 full-service supermarkets with five additional by franchisees under the Tops Markets banner. Tops employs more than 14,000 associates and is a leading full-service grocery retailer in Upstate New York, Northern Pennsylvania, and Vermont. For more information about Tops Markets, visit the company's website at www.topsmarkets.com.
