Western NY grocer Tops says it has emerged from bankruptcy
WILLIAMSVILLE, N.Y. (AP) — The western New York supermarket chain, Tops Markets, says it has emerged from bankruptcy.
The company says in a statement Monday that it has reorganized with the support of its creditors and reduced its debt by about $445 million. A court approved the restructuring plan earlier this month.
Headquartered in the Buffalo suburb of Williamsville, Tops announced in February that it was filing for Chapter 11 bankruptcy. As part of its reorganization, it closed 10 stores and resolved a pension dispute with the United Food and Commercial Workers Union, which represents most of its workers.
Tops now has 159 supermarkets in upstate New York, northern Pennsylvania and Vermont. It employs 14,000 people.