Court accepts Tops Markets’ restructuring plan

WILLIAMSVILLE, N.Y. — Tops Markets, LLC on Thursday announced that the United States Bankruptcy Court for the Southern District of New York confirmed the company’s plan of reorganization.

Tops expects to complete its restructuring and emerge from Chapter 11 bankruptcy protection “shortly,” the firm said in a release.

Tops filed its plan for reorganization on Aug. 31. A day earlier, Tops had announced plans to close one store each in Syracuse, Geddes, and Fulton, among 10 “underperforming” stores that Tops is closing, the company said.

“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,” Frank CEO of Tops Markets, contended. “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.”

New York City–based Weil, Gotshal & Manges LLP is serving as legal counsel to Tops, while Evercore (NYSE: EVR), also headquartered in New York City, is serving as investment banker. Washington, D.C.–based FTI Consulting, Inc. (NYSE: FCN) is the firm’s restructuring advisor.

Tops Markets is headquartered in the Buffalo suburb of Williamsville. It operates 159 supermarkets with five additional by franchisees under the Tops Markets banner. Tops employs more than 14,000 people in a footprint that includes upstate New York, Northern Pennsylvania, and Vermont.

Contact Reinhardt at ereinhardt@cnybj.com