WILLIAMSVILLE, N.Y. (WIVB) – The United States Bankruptcy Court has confirmed Tops Markets’ reorganization plan.
Chapter 11 of the U.S. Bankruptcy Code is designed to allow a business to continue its day-to-day operation.
Tops filed for bankruptcy this past February to help manage its debt.
The supermarket chain says it “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,” Frank Curci, chief executive officer of Tops, said. “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.”
Tops, which is based in Williamsville, operates 159 stores.