Buffalo, N.Y. - Tops is filing for Chapter 11 bankruptcy.
“Today, Tops Markets has taken an important step to better position our business for long-term success,” says Top's CEO Frank Curci in a statement. “We are pursuing a voluntary financial restructuring that will help make us a stronger competitor. All of our stores are open, with no impact on daily operations. Just as we have for 56 years, Tops Markets is as focused as ever on serving our communities and providing our customers with an exceptional shopping experience.”
The chain faces $1 billion in debt in addition to other stresses in an increasingly competitive grocery industry. Shoppers are being assured that day-to-day operations will not be impacted as the company restructures it's debt.