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 the buyout of the company from Morgan Stanley Capital Partners in December 2013.
In particular, Curci owns nearly two-thirds of the company's common stock, which is not publicly traded.
Specifically, according to the legal structure laid out in the court documents, Tops Markets LLC is wholly owned by Tops Holding LLC, which in turn is wholly owned by Tops Holding II Corp.
Tops Holding II is 99.9968 percent owned by Tops MBO Corp., with each of four executives – Curci, John Persons, Jack Barrett and Lynne Burgess – owning 0.0008 percent.
But it's that next layer that has the real ownership. Tops MBO – which stands for management buyout – is 62.3 percent owned by Curci and 23.7 percent by Persons, the company's president and chief operating officer. That's according to a list of stockholders contained in the bankruptcy filing.
Barrett, the senior vice president of human resources, owns another 8.6 percent, followed by Burgess – senior vice president and general counsel – with 2 percent.
Executive Vice President of Operations Ron Ferri and Chief Financial Officer David Langless each own another 1.2 percent. Vice Presidents Michael Metz and Tom Fitzgerald each own 0.4 percent, while Senior Vice President of Sales and Marketing Diane Colgan holds 0.1 percent, along with Senior Vice President of Merchandising Jeffrey Culhane and Regional Vice President Michael Patti.
The total adds up to just over 100 percent, due to an apparent rounding error in the document.