Tops Friendly Markets has emerged from bankruptcy.
A court approved a reorganizational plan on Thursday, allowing them to emerge from Chapter 11 bankruptcy.
“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.”
Tops had filed for bankruptcy in February 2018. Since that time the company closed multiple stores – including several in the Syracuse, Rochester, and Finger Lakes markets.
The two stores closed locally impacted the way many residents shopped. The locations in Lyons and Geneva served as staples in both communities.
In recent weeks, the company took heat from local community members, who were concerned about continued talks of high-level executives receiving significant bonuses. The company defended the possibility of those executives receiving bonuses – on the basis that it acts as a retainer for that top-level talent.
The announcement about the company coming out of bankruptcy did not include any update on possible bonuses for those employees. However, the company does employ thousands across Pennsylvania, New York, and Vermont.