Northeastern retailer Tops Friendly Markets wants to close under-performing stores as part of its bankruptcy proceedings.
Williamsville, New York-based Tops has asked U.S. Bankruptcy Court for 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 court documents cited in a story at democratandchronicle.com
Tops, which operates stores in New York, Vermont and northern Pennsylvania, filed for Chapter 11 bankruptcy in February.
The majority of the retailer’s approximately 179 stores are “sustainable profit centers,” according to the court documents.