Tops Markets Could File For Bankruptcy, Union President Is "Monitoring This Situation"
(WENY) - Tops Friendly Markets, which operates several grocery stores in the Twin Tiers, could file for bankruptcy later this month, according to a report by Bloomberg published Saturday.
The Bloomberg report also says Bi-Lo LLC, which owns Winn Dixie chain, is also planning to file for court protection, and could close up to 200 stores.
Tops is a regional grocery store chain with roots in Western New York. Locally, Tops operates stores in Elmira, Big Flats, Corning, Bath, Sayre, Towanda, Wellsboro and Ithaca. According to the Tops website, it operates nearly 170 stores in New York, Pennsylvania and Vermont with 15,000 employees.
In a statement Frank DeRiso, President of UFCW Local One representing nearly 12,000 Tops employees said in part, "Over the past several months we have been meeting with Financial Advisors hired by our International Union to continually monitor the finances of Tops Markets." The union has also sought consultation regarding employee benefits like healthcare, pension, and 401Ks. DeRiso says the union is "monitoring this situation daily and will keep members informed of new developments."