On Nov. 19, 2018, Tops Friendly Markets announced that it had successfully completed its financial restructuring and emerged from Chapter 11 with a substantially stronger balance sheet, reducing its debt by approximately $445 million, and with more than $100 million in liquidity. The company reorganized on a fully consensual basis, with the support of its secured creditors and the Official Committee of Unsecured Creditors. Tops also resolved labor and pension issues faced at the commencement of the Chapter 11 cases.
“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. We are investing in our stores and rolling out new services that make shopping with us even easier,” said Frank Curci, CEO of Tops. Those services include Tops Grocery Pick Up, allowing customers to order groceries online and select preferred pickup times.
Tops also announced the promotion of Amanda Yoder and Robert Bonus. Yoder, formerly an assistant store manager for the Spencerport, NY Tops store, was promoted to Bakery Field Specialist for the West Region. Bonus was promoted to produce field specialist after being in the produce arena for 31 years. Most recently Bonus held the position of produce manager at the Tops located on South Park Avenue in Hamburg, NY.