Tops Friendly Markets announced Wednesday it has filed for Chapter 11 bankruptcy to reorganize the grocery store chain.
The company says it has received a commitment for a 125-MILLION dollar debtor-in-possession loan from some noteholders and a 140 MILLION dollar debtor-in-possession loan from Bank of America to help it deal with its debt as it reorganizes. Stores will not be impacted day-to-day as the company works to restructure.
In the Finger Lakes, Tops has multiple stores, including those in Penn Yan, Geneva, Canandaigua, Watkins Glen and Auburn.
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