Citing ‘Unsustainable’ Debt, Tops Friendly Market Files For Bankruptcy

Tops Friendly Market, a New York-based chain of grocery stores, has filed for Chapter 11 bankruptcy protection. As of Dec. 30, 2017, the supermarket had $1.18 billion in liabilities, with $977 million in assets, along with an “unsustainable” debt load, according to a court filing.

The supermarket chain is pursuing the financial restructuring in order to eliminate a “substantial portion of debt from the company’s balance sheet,” according to a company statement. As with many retail bankruptcies, Tops blamed challenging market conditions, such as falling food prices and excess competition, along with an inability to invest further capital into the business for its financial position. But Tops did what most companies have not done: specifically pointing at Amazon as the culprit.

The Amazon name drop is peculiar. While the e-Commerce giant surely made a splash with its Whole Foods acquisition, other competitors, namely Walmart, have made a bigger…