Tops Friendly Markets has filed for Chapter 11 Bankruptcy, according to a press release to help the company get out from under its debt burden and position the grocery chain to move forward.
Tops says its stores across New York, Pennsylvania and Vermont will stay in business and customers shouldn’t notice any change in day-to-day operations. The company has more than 14,000 employees in about 170 stores with headquarters in the Buffalo suburbs.
Tops has secured a $125 million “Debtor in Possession” loan to continue operations. That’s something that will be familiar to those who remember Kodak’s bankruptcy and the process it went through. The company will have to submit its decisions to be approved by a judge as it reorganizes, just as Kodak did until it was able to emerge from bankruptcy.