Tops Friendly Markets wants to close unprofitable stores, but it hasn’t disclosed how many or where they are.
In a bankruptcy court filing, the Williamsville-based supermarket chain said the vast majority of its 169 stores are profitable, with strong sales and sustainable cost structures. However, it said a few have “consistently underperformed” and asked the court for approval to close them.
“Historically, these underperforming stores, among other things, are subject to above-market rent, are in regions over-saturated with supermarkets, or are too large for the debtors’ needs,” the company said in the filing.
Tops did not disclose how many stores it would like to close or where they are located. Instead, it asked the court to let it simply close the ones that it determines, in its business judgment, should be closed.
The company said that, in determining which stores to close, it will “carefully consider the impact of such store closures on the debtors’ creditors, employees, and other constituencies.”