Tops moves forward with Chapter 11 bankruptcy
According to Buffalo media outlets, Tops Friendly Markets has filed for Chapter 11 bankruptcy in a hopes of restructuring its debt and running more efficiently. The filing was made in U.S. Bankruptcy Court in the Southern District of New York. A statement from the grocery chain said the stores will remain open during the process and it will continue to pay employees and vendors after the filing.
The OBSERVER reported the filing was a possibility on Monday.