Nine months after filing for bankruptcy and closing several stores, Tops Friendly Markets announced on Monday that the company has successfully completed its financial restructuring and emerged from bankruptcy protection.
The grocery store chain said that it has reduced its debt by approximately $445 million, and with over $100 million in liquidity. The company added that it has emerged having resolved the labor and pension issues that it has faced in recent months.
“We are moving forward as a stronger company with an even greater ability to provide convenience, savings and friendly service to customers across our communities,” said Tops CEO Frank Curci. “We are investing in our stores and rolling out new services that make shopping with us even easier.”
Some of those services include “Tops Grocery Pick Up,” which allows customers to order groceries online and select their preferred pickup times. Last year, the company rolled out a “Grocery Delivery” option.
“We thank our customers for their continued support, our Tops’ associates who provide our customers with exceptional service every day, and our vendors and partners for their ongoing support as we look forward to continuing to serve our communities for years to come,” Curci said.
Tops filed for Chapter 11 bankruptcy back on Feb. 21, citing a large debt load, falling food prices and a competitive market with Amazon and other retailers. The chain acknowledged at the time it faces tough competition from other local, regional and national supermarket outlets, as well as drug stores, discount stores, fast food chains and big box retailers. Tops’ financial restructuring plan was filed back in August and approved nearly two weeks ago.