BUFFALO, NY-- The United States Court Bankruptcy Court has approved Tops Markets' reorganization plan.
“We are pleased to receive the Court’s approval of our Plan and are poised to emerge from this process an even stronger and more competitive company,” said Frank Curci, Chief Executive Officer of Tops in a released statement. “Through this process, we have accomplished several key objectives, including significantly reducing our debt, creating a viable cost structure and efficiently optimizing our store portfolio. Importantly, we provided an opportunity for employment to every associate who was interested and impacted by store closings at other nearby stores. Our restructuring will create an even more exceptional shopping experience for our customers and assure that we will continue to serve our communities like no one else can.”
Tops had proposed controversial big bonuses, $3.6 million for high ranking executives, in their bankruptcy filing last month. This new proposal also offers stock in the company. The money is part of an incentive plan to make sure those executives see the bankruptcy and reorganization plan through.
Tops says they expect to complete its restructuring and will emerge from Chapter 11 shortly. They currently have 159 supermarkets and employ more than 14,000 employees.