The owner of Tops Friendly Markets reportedly is exploring filing for bankruptcy and it could come as early as next month, according to a report by Bloomberg.
The supermarket chain is based in Williamsville, N.Y., and has about 170 stores in four states. Stores are located in Bradford and Kane in McKean County, as well as in Olean, Ellicottville and Randolph in Cattaraugus County, N.Y., and Wellsville in Allegany County, N.Y.
Citing “people familiar with that situation,” Bloomberg reported that, “with low margins and ample competition, the grocery business has always been challenging. But now the industry is contending with a more aggressive push by big-box retailers and Amazon.com Inc., which acquired Whole Foods last year to give it a larger brick-and-mortar presence. The moves threaten to force older chains to either consolidate or revamp their operations.”
Tops officials did not respond to the report over the weekend.
Bloomberg reported that the move would allow the company to seek court protection from its creditors. A 2017 report from Reuters said the supermarket chain had a $723 million debt load.
The company opened its first supermarket, a 25,000-square-foot-store on Portage Road in Niagara Falls, N.Y., in 1962. The chain employs over 15,000 people and features operations in upstate New York, northern Pennsylvania, Massachusetts and western Vermont.
