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Business

Five investors will have a big say in the fate of Tops Markets as it tries to ease its stifling debt load and restructure its business through bankruptcy. The five investors include one widely known name, the owner of mutual fund company Fidelity Investments, and four lesser known hedge funds and investment firms. Together, the five companies own more than $413 milli…

Business

For decades, Tops Markets focused on building its large-concept supermarkets across Western New York. But in recent years, its strategy has shifted. At the same time that larger stores began to saturate the market, leaving it with fewer large-scale expansion options in the local market, consumer tastes started to lean toward more convenient, walkable stores. That's w…

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…

Editorials

Tops is one of Western New York's biggest employers and a valuable corporate citizen. The company filed for Chapter 11 bankruptcy protection on Wednesday. The centerpiece of its plan is a strategy to lighten an onerous debt load. A bankruptcy filing is a bit like corporate chemotherapy – it's strong medicine – but Western New Yorkers should be confident that Tops has a …

Business

Steve Desmond could have plenty of reason to be worried. The president of Heintz & Weber just saw one of his largest customers – possibly even the biggest – file for Chapter 11 bankruptcy protection on Wednesday. That client, Tops Markets, currently accounts for just over 30 percent of annual sales for his company, the maker of the popular Weber's Horseradish Mustar…

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…

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/

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…

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 …