Tops Friendly Markets Reportedly Preparing for Bankruptcy
A bankruptcy filing may be in the future for Tops Friendly Markets, which operates a store in Owego.
Bloomberg reported the owner of the chain based in western New York could potentially seek protection from its creditors soon. The story, citing people familiar with the situation, said the move could occur this month.
Tops now has about 170 full-service supermarkets in New York, Pennsylvania and Vermont. In addition to the Owego store, Tops sites are located in Norwich, Cortland and Hancock. The company has more than 15,000 employees.
According to the Bloomberg report, Tops representatives declined to comment about a possible bankruptcy filing. Low profit margins and intense competition are continuing to pose challenges for many supermarket chains.
Contact WNBF News reporter Bob Joseph: firstname.lastname@example.org
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