LIVINGSTON COUNTY TOPS – Friendly Markets says that its stores at the north and south ends of the county are safe from closure despite the chain’s bankruptcy.
Tops says that their stores in New York, Northern Pennsylvania and Vermont ‘are continuing to serve customers with no impact to day-to-day operations. The Company fully expects operations to continue as normal throughout this financial restructuring process.’
“We are continuing to provide our customers the convenience, savings and friendly service that they expect from us. Our priorities, values and commitments to our customers and our communities will not change,” said Frank Curci, Chief Executive Officer of Tops. “On behalf of everyone at Tops, we thank our customers for their continued support and look forward to ensuring that their every need is met. I also want to thank our 14,262 employees and associates for their continued hard work and dedication.”
To implement the financial restructuring, the Company elected to file for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. Tops says they are working cooperatively with certain holders of more than 65 percent of its Senior Secured Notes due 2022 and is continuing constructive discussions.
Tops says they have received a commitment for a $125 million debtor-in-possession (DIP) term loan financing facility from certain noteholders and a $140 million DIP asset based revolving loan from Bank of America, N.A., which are expected to support the Company’s continued operations during the courtsupervised restructuring process.
Tops filed a number of customary motions seeking court authorization to continue to support its business operations during the court-supervised restructuring process, including the continued payment of employee wages and benefits without interruption. Tops intends to pay vendors and suppliers in full under normal terms for goods and services provided after the filing date of Feb. 21, 2018.
Tops expects to receive court approval for all of these requests. Additional information is available on Tops’ restructuring website at www.topsrestructuring.com or by calling Tops’ Restructuring Hotline, toll-free in the U.S., at (888) 764-7358. For calls originating outside of the U.S. please dial (503) 520-4457. Court documents and additional information can be found at a website administrated by the Company’s claims agent, Epiq, at http://dm.epiq11.com/TOPS.
“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 Curci. “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. We are now undertaking a financial restructuring, through which we expect to substantially reduce our debt and achieve long-term financial flexibility. This will enable us to invest further in our stores, create an even more exceptional shopping experience for our customers and compete more effectively in today’s highly competitive and evolving market.”