Tops Markets took another step toward getting out of bankruptcy.
Teamsters working in the warehouse supplying the company’s markets have agreed to take major hits in wages, benefits and pensions. The members of Local 264 approved the deal this week during a vote in the union hall in Cheektowaga. The negotiated pension fund would have cost the stores $180 million over 20 years. Tops and former operators of the warehouse have set up a new $15 million fund. The company has agreed to take almost $4 million it has planned to pay executive bonuses and will use it toward $15 million going into a new pension fund carrying much lower pensions in the future.
The plan still requires approval in federal bankruptcy court.