Tops Markets announce store closures
Tops Markets announced last week that it will close 10 of its 169 stores.
None of the stores on the closure list are in Warren County.
The company is working its way through Chapter 11 bankruptcy reorganization.
On Aug. 30, the company announced that underperforming stores in Syracuse (2), Rochester (2), Fairport, Lyons, Geneva, Fulton, Elmira, and Saranac Lake would be closing by the end of November.
“The vast majority of our stores are profitable and we are seeing strong customer support continue to drive growth in these locations,” CEO Frank Curci said. “That said, there are a few stores that are not performing to our standards, due to a number of factors including location, store size, lack of visibility, and lease costs.”
“Tops is taking this action as it continues to focus on strengthening its financial position so it can invest further in its stores and compete more effectively in today’s highly competitive and evolving market,” according to a release on the company’s restructuring site.
“We are making significant progress in our financial restructuring process and our operating results have remained strong,” Curci said.
The company employs about 14,000. “We have many openings across our chain of stores and, to the extent possible, we will work with impacted associates to find them placement at nearby store locations,” Curci said.
The company received court approval on a final agreement with the United Food and Commercial Workers Union (UFCW).
“Receiving court approval of the global settlement with UFCW is a major milestone in our court-supervised restructuring process, as it helps pave the way for our reorganization and ultimate emergence from this process,” Curci said.
On Aug. 31, the company announced that it had failed a reorganization plan.
“The filing of our plan moves Tops another step closer to a successful completion of our financial restructuring,” Curci said. “We are pleased to submit a plan that will establish a sustainable capital structure and provide the financial flexibility to create an even more exceptional shopping experience for our customers and emerge from the process as a stronger competitor.”