Tops Markets will close 10 stores by the end of November as part of its restructuring process.
The company currently has 169 locations.
“The vast majority of our stores are profitable and we are seeing strong customer support continue to drive growth in these locations,” CEO Frank Curci said in a news release. “That said, there are a few stores that are not performing to our standards, due to a number of factors including location, store size, lack of visibility and lease costs. We are using the tools available to us through the court-supervised process to conduct an orderly wind-down of these stores.
“We are pleased to continue serving our communities with existing locations that are all in close proximity to the affected stores and providing the same great service, value and convenience that our customers expect from us,” Curci said.
The company has also filed its plan of reorganization with the U.S. Bankruptcy Court for the Southern District of New York and intends to seek confirmation of the plan Nov. 8.
“The filing of our plan moves Tops another step closer to a successful completion of our financial restructuring,” Curci said in another news release. “We are pleased to submit a plan that will establish a sustainable capital structure and provide the financial flexibility to create an even more exceptional shopping experience for our customers and emerge from this process as a stronger competitor.”