Share this article

Business

print logo
Business

Frank Curci has a plan to bring Tops Markets out of bankruptcy and make the supermarket chain stronger and more competitive. First, convince the investors who own most of the $724 million in debt to swap it for stock. Potential savings: up to $60 million a year. Start investing in store upgrades again, reviving an improvement program that was largely scrapped last ye…

Business

In the documents that Tops filed with the bankruptcy court, Michael Buenzow, their chief restructuring officer, outlined the difficult marketplace Tops faces. You can read the documents here, but here are some highlights. In the documents, both Company and Debtors refers to Tops: "The supermarket industry, including within the Company’s market areas in Upstate New …

From the documents that Tops filed with the bankruptcy court, facts about the company: 169 company-owned supermarkets – 168 under the Tops name, one called Orchard Fresh. 5 supermarkets owned by franchisees Supermarkets is Upstate New York, Northern Pennsylvania and Vermont. 14,000 employees 12,300 employees represented by unions The company leases spac…

Business

When you dial the main number for the Tops Market in Lewiston, the answering machine greeting is, "Thank you for calling DiMino's Lewiston Market." Not until the end of the voicemail menu does a caller hear, "Thank you for calling your Lewiston Tops." It's a Tops store – it has been since 1964 – but one with an independent owner. Anthony P. DiMino owns one of Tops…

Buffalo

A Charlotte, N.C.-based developer of Family Dollar stores has plans for yet another location for the discount retailer, this time a vacant lot on Clinton Street. Durban Group and architects Bergmann Associates of Rochester are seeking city approval to construct a new 8,247-square-foot Family Dollar store at 1029 Clinton, with a loading dock, 35 parking spaces, utility i…

Business

Real estate investors Dimitri and Nicholas Tzetzo snapped up two more apartment properties in the Southtowns late last week, buying the Creekside Court Apartments in Boston and a 12-unit building in West Seneca. Tzetzo Companies, through their Oakridge MFR Holdings LLC entity, paid $1.6 million for Creekside, at 5400, 5450, 5451, 5454 and 5466 Creekside Court. Locate…

Business

The Cellino vs. Barnes court battle moved one step forward this week as a state judge turned down a request to end the litigation in favor of attorney Stephen E. Barnes. State Supreme Court Judge Deborah A. Chimes turned down Barnes' request to make a summary judgement in his favor, keep the high-profile Cellino & Barnes law firm together and hear no additional test…

Local News

WASHINGTON — Rep. Chris Collins, a Clarence Republican, joined with 67 other lawmakers Tuesday to push the Senate to quickly confirm President Trump's four nominees for the Export-Import Bank. In a letter to Senate Majority Leader Mitch McConnell, a Kentucky Republican and Minority Leader Charles E. Schumer, a New York Democrat, Collins and colleagues from both parties …

Business

Too much debt and soft sales pushed the owner of Tops Markets into Chapter 11 bankruptcy. Here's how the supermarket chain came to be saddled with $724 million in debt. Nearly half of the debt was used to pay nearly $350 million in dividends to its owner at the time, Morgan Stanley Private Equity. 2007: Morgan Stanley Private Equity buys Tops from Ahold for about…

Business

  http://buffalonews.com/2018/02/21/tops-expects-to-emerge-from-bankruptcy-with-new-ownership/ http://buffalonews.com/2018/02/21/tops-to-file-for-chapter-11-bankruptcy-says-stores-to-continue-as-normal/

Hamburg

Gladys Ball has a collection of 30,000 hats she sells out of her Hamburg home to clients ranging from apparel companies to walk-up customers. Brian Gordon profiled Ball for Vice Sports: "Known as 'the Hat Lady' to many, Ball accumulated her collection over a career buying hats from the New Era factory in nearby Derby and selling them at markets throughout Western New…

Business

Tops Markets' road out of bankruptcy likely will involve a deal that would leave its major debt holders with an ownership stake in the supermarket chain. "We're talking about a debt-for-equity swap," Tops Chairman and CEO Frank Curci said after the debt-strapped supermarket chain filed for a bankruptcy reorganization on Wednesday. "Most of the debt will go away," Cur…

Business

The executive team of Tops Markets – led by chairman and CEO Frank Curci – are the primary shareholders of the privately owned company. Documents made public Wednesday as part of the grocer's bankruptcy filings show the supermarket chain is owned by a complex structure of holding companies, whose ultimate owners are the individual members of the management team that led…

Amherst

Tops Markets said Wednesday its Chapter 11 bankruptcy filing would not affect the more than 14,000 employees at its headquarters in Amherst and its network of stores in three states. But those workers, most represented by the United Food and Commercial Workers International Union Local One, will keep a close eye on proceedings in U.S. Bankruptcy Court in the Southern Di…

Local News

Some people buy their loved ones a bouquet of flowers. Dave Davis gave his beloved alma mater a whole garden center. The former owner of Queen City Garden Town Nursery donated its Harlem Road property to Hobart & William Smith Colleges, allowing the schools to make $200,000 by reselling it. This is the second time that Davis, also well known locally as a boost…

Amherst

Tops Markets' reorganizational bankruptcy filing includes a list of the company's 20 largest creditors. The list ranges from a commercial banking services company to suppliers and union funds. The 20 largest creditors, in order, are: U.S. Bank National Association 9 percent notes due 2021, $70.7 million C&S Wholesale Trade debt, $54.7 million …