Tops Friendly Markets Considers Closing More Stores
WILLIAMSVILLE, NY - Tops Friendly Market has sought the court’s permission to close under-performing stores, according to documents filed with the U.S. Bankruptcy Court, with whom the company already filed Chapter 11 bankruptcy in February. Democrat & Chronicle reports that Tops-related documents reveal that the company requested “to close any stores that they determine, in their business judgment, should be closed in order to preserve liquidity and maximize the value of their respective estates.”
The news source reports that no information is currently available on which locations would be closed. The company has reviewed each store for profitability and market impact and reported in the aforementioned court documents that, though the majority of stores are "sustainable profit centers," others have "consistently under-performed."
The stores that are underperforming appear to be in oversaturated regions, of inappropriate size, or operating in facilities with above-market rent—which suggests that the store intends to move toward smaller facilities.
The documents also claim that this move will “maximize value to all stakeholders.” The motions shall go before the court on May 10thin White Plains, New York.
"No decisions have been made about potential store closings," said Public and Media Relations Specialist Kathy Romanowski.
To follow this shift toward a smaller format store and other similar shifts across the market, keep reading AndNowUKnow.
