Tops Friendly Markets (Williamsville, N.Y.) has filed with U.S. Bankruptcy Court permission to close some of its underperforming stores. The company filed for bankruptcy in February.
While the company has not detailed how many stores or which locations it hopes to close, its filing requested permission "to close any stores that they determine, in their business judgment, should be closed in order to preserve liquidity and maximize the value of their respective estates," according to Supermarket News.
The courts will hold a hearing to address the request on May 10. Some sources believe the company could close as many as 18 to 24 of its 174 fleet. The hope is that the closures would improve cash flow and offer greater strategic value for sustainable growth.