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Tops Markets LLC announced that it will be pursuing a financial restructuring in order to eliminate a substantial portion of debt from its balance sheet.

The company made the announcement Wednesday, several days after reports came about that the company would be filing for bankruptcy and could potentially seek court protection from creditors. Those reports were confirmed when Tops announced that it would voluntarily file for reorganization under Chapter 11 of the U.S. Bankruptcy Code in order to implement its plan for financial restructuring.

“Tops has built strong market share and our stores continue to distinguish themselves by offering quality products at affordable prices with superior customer service,” said Frank Curci, Tops’ chief executive officer. “We believe the financing that we received from our noteholders is a vote of confidence in our business. Our operations are strong and we have an outstanding network of stores and a talented team to support them.”

“We are now undertaking a financial restructuring, through which we expect to substantially reduce our debt and achieve long-term financial flexibility,” he continued. “This will enable us to invest further in our stores, create an even more exceptional shopping experience for our customers and compete more effectively in today’s highly competitive and evolving market.”

Tops stores across the company’s portfolio in Upstate New York, Northern Pennsylvania and Vermont are continuing to serve customers with no impact to day-to-day operations. Curci said the company fully expects operations to continue as normal throughout this financial restructuring process.

“We are continuing to provide our customers the convenience, savings and friendly service that they expect from us,” Curci said. “Our priorities, values and commitments to our customers and our communities will not change. On behalf of everyone at Tops, we thank our customers for their continued support and look forward to ensuring that their every need is met. I also want to thank our 14,262 employees and associates for their continued hard work and dedication.”

In Dunkirk, Tops is located at 3955 Vineyard Drive. It used to be located across the street at the storefront that is now partially occupied by Harbor Freight Tools and DaVita dialysis.

Other area locations include Westfield, Silver Creek, Mayville, Jamestown, Lakewood, Falconer and Angola. Tops’ stores include fresh and grocery departments, gas stations and pharmacies.