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Report: Tops Markets Could Close Stores In Reorganization

P-J file photo

After recently filing for bankruptcy, Tops Markets LLC is looking to close underperforming stores during its restructuring process, the Buffalo News reported on Friday.

Tops in February voluntarily filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code in order to implement its plan for financial restructuring.

“Tops has built strong market share and our stores continue to distinguish themselves by offering quality products at affordable prices with superior customer service,” said Frank Curci, Tops’ chief executive officer, in February. “We believe the financing that we received from our noteholders is a vote of confidence in our business. Our operations are strong and we have an outstanding network of stores and a talented team to support them.”

It’s unclear which stores might close during the restructuring process.

“No decisions have been made about potential store closings,” Kathy Romanowski, a Tops spokeswoman told the Buffalo news.

Tops filed documents asking permission to close stores and hire a liquidation company.

In February’s bankruptcy filing, Tops said one out of every eight stores was a drain on the company’s cash flow, the Buffalo newspaper said.

In Jamestown, there is a Tops located at 2000 Washington St. and one inside the Foote Avenue Plaza, the latter of which opened in 2010 after the grocery store chain acquired the Penn Traffic Company, which used to operate a Quality Markets in the plaza.

There are also locations in Falconer, Frewsburg, Westfield, Mayville, Dunkirk and Silver Creek, as well as in Warren, Pa., and Youngsville, Pa. Tops’ stores include fresh and grocery departments, gas stations and pharmacies.

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