Tops Friendly Markets planning for bankruptcy

Postado Fevereiro 18, 2018

According to a report by Bloomberg, New York-based grocery chain Tops Friendly Markets is ready to file for bankruptcy.

Two supermarket chains in the USA are readying filings for bankruptcy said sources with knowledge of this matter, another sign of mounting pressures across the grocery industry. However, Bi-LO is still foundering from the more than $1 billion in debt following its 2005 buyout by Lone Star Funds.

Bi-Lo LLC is a subsidiary of Southeastern Grocer.

There was no immediate comment on the Bloomberg report by Tops. Winn-Dixie has headquarters in Jacksonville, Florida and operates approximately 500 stores in Florida, Alabama, Louisiana, Georgia, and Mississippi.

Another blow to sales came when the USA government cut food-stamp subsidies, whose users contribute about 10 percent of annual revenue. Ahold, an global food retail conglomerate based in the Netherlands, sold Tops to Morgan Stanley Private Equity in 2007.

Since 2007, Tops has been owned by three separate groups. Winn-Dixie's previous financial woes Bi-LO has gone through a previous Chapter 11 bankruptcy proceeding, once in 2005 when it was Winn-Dixie and another in 2009. But it probably will still come out ahead, having paid itself at least $800 million since 2012, along with management fees it's collected, according to regulatory filings.