Tops Friendly Markets is getting ready to file for bankruptcy, according to Bloomberg News. Bloomberg says it’s learned from sources that Tops, which is based in Williamsville, is preparing to seek court protection from its creditors as early as next month.
Another major chain, Winn-Dixie, is also said to be readying a bankruptcy filing.
Both chains are having trouble competing against big-box stores like Walmart that also sell groceries, and Amazon which has bought out Whole Foods. Older chains have to either consolidate or change how they do business.
Tops has about 170 stores and more than 14,000 employees in the Northeastern U.S.