UPDATED: Tops Friendly Markets File For Bankruptcy–Are Any Closing?
The longtime, Buffalo staple--based in Williamsville--has nearly $723 million in debt and signs point that filing for bankruptcy is very possible. Even as early as next week TOPS could file for bankruptcy according to Bloomberg.
UPDATED: TOPS filed for Chapter 11 bankruptcy, which would allow them not to pay interest on their massive debt and catch up. Though, they still owe many vendors including numerous local businesses. No store closings have been announced, but only time will tell.
The union that represents all of the TOPS employees spoke about the situation:
Since mid-January, UFCW Local One has been consulted by our legal team consisting of health care, pension and 401(k) attorneys and an attorney that specializes in restructuring and bankruptcy filings. We have additional meetings set up this coming week to discuss more strategies to hit this situation head-on", according to WGRZ.
It is important to note that there are no set plans for employees and no exact word on store closings have been announced.
This is undoubtedly a result in the changing landscape of how we buy groceries as a society. From being able to buy groceries on your phone to increased competition from new stores in the area, there are many obstacles for any store to overcome.
The Supermarket Union, UFCW Local One, said that updates will be made available in the future.