Tops Friendly Markets planning for bankruptcy


Tops Friendly Markets planning 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.

Bloomberg also reported that southern supermarket chain Winn-Dixie is also preparing to file for bankruptcy. But now the industry is contending with a more aggressive push by big-box retailers and Amazon.com Inc., which acquired Whole Foods previous year to give it a larger brick-and-mortar presence.

Nearly 200 of Winn-Dixie's roughly 500 locations are set to close.

According to the Bloomberg report, Bi-Lo is planning on shutting down 200 stores, but Southern Grocers may try to find a way to restructure its debt outside of court.

This isn't the first time the business has gone bankrupt, similar issues arose in 2005 and 2009.

A private equity company bought Tops from the Dutch retailer Ahold in 2007, and later the supermarket chain was bought out by store management in 2013.

Bi-Lo has not publicly confirmed any bankruptcy plans.