On Saturday, Bloomberg cited unnamed sources saying that the chain was considering Bankruptcy in the face of its $1 billion in debt and other stresses on the grocery industry.
UFCW Local One president Frank DeRiso issued a statement in response to the Bloomberg story, saying the union has been meeting with financial advisers for several months to stay on top of the finances of Tops.
In the meantime, Tops is meeting all of its contractual obligations for workers' health care, pensions and 401Ks, he said.
Ahold, an international food retail conglomerate based in the Netherlands, sold Tops to Morgan Stanley Private Equity in 2007.
A retail consultant told the Buffalo News that he thinks Tops won't file for bankruptcy anytime soon.
That's because the chain is in the middle of a strong sales season, and it has plenty of assets it can sell off before considering bankruptcy.
Do not expect it to happen, because Tops has a number of valuable assets that it could sell," Burt P. Flickinger III told the newspaper.
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