I’m responding to the Nov. 23 editorial titled “Tops lands on its feet.” I believe a more fitting title should have read “Tops management lands on its feet” while their employees had their feet cut out from underneath them.
Let me start by saying I am not and have never been an employee of Tops. This Tops saga has mismanagement written all over it. So how does Tops corporate management solve their problems? They take it out on the employees.
How many cashiers, clerks, stock people, drivers and numerous others will lose their jobs from the 10 store closings? How much of a cut in pension payments are the retirees in for? Yes, Tops did create a new 401(k) plan for employees with $29 million in seed money to be paid over 21 months. How long will that last? Will the current Tops management oversee that fund? For the remaining employees’ sake, I hope not.
Then there is the $700 million in debt owed to the banks and wholesalers that was reduced through bankruptcy; who will pay for those losses? You and I will via rate and price increases.
These fine top level managers found it in their hearts to reward themselves with bonuses totaling $3.6 million. The reason? To keep their managers from fleeing to another business. Really?
While it is noted that the unions agreed to the cuts in pensions, I can’t help but note that these types of business decisions usually seem to happen just before the holiday season. I guess a cut is better than the threat of no job or pension at all.