The company, which operates 159 full-service supermarkets as well as five franchised stores, said it is emerging with a substantially stronger balance sheet. Tops reduced its debt by about $445 million and has more than $100 million in liquidity, which should give it the ability to continue to invest in its stores and create an exceptional shopping experience for its customers, according to the company. It has also resolved the labor and pension issues that it faced at the commencement of the Chapter 11 process, the company said.
“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,” Tops CEO Frank Curci said in a statement. “Some of those services include ‘Tops Grocery Pick Up,’ which allows customers to order groceries online and select their preferred pickup times. This builds upon the ‘Grocery Delivery’ option that rolled out late last year. And, with Thanksgiving and the holiday season right around the corner, not only will shoppers find the best deals in town on family meals, gifts and household essentials, they will also be able to take advantage of exclusive savings opportunities like Tops Christmas Bonus.”
Tops made its Chapter 11 filing in February. The retailer operates in upstate New York, northern Pennsylvania and Vermont.