Bankruptcy judge gives Tops permission to close some of its underperforming stores
Tops Friendly Markets has been given permission to close a number of its underperforming stores, according to the Federal Bankruptcy Court of the Southern District of New York.
The Buffalo area-based grocery chain filed a motion on April 18 requesting approval to close some of its stores in order to help offset some of its $720 million debt. A judge gave the green light on the motion on May 10.
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The motion also authorizes Tops to conduct "Store Closing Sales" at the stores it chooses to close.
The court documents, obtained by CNYCentral, don't specify which of Tops' stores are targeted for closure.
Tops filed for bankruptcy back in February, citing a large debt load, falling food prices and a competitive market with Amazon and other retailers. The chain acknowledged at the time it faces tough competition from other local, regional and national supermarket outlets, as well as drug stores, discount stores, fast food chains and big box retailers.
Tops has 170 stores across New York, Vermont and Pennsylvania. More than a dozen locations lie in the immediate Syracuse area and several others are scattered across central New York.