Bankruptcy court approves reorganization plan for Tops Markets
Tops Markets LLC (“Tops” or the “Company”) today announced that the United States Bankruptcy Court for the Southern District of New York (“the Court”) has confirmed the Company’s Plan of Reorganization (the “Plan”). Tops expects to complete its restructuring and emerge from Chapter 11 shortly.
“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.”