Tops Chapter 11 Update: Tops wants Court Approval to Pay Bonuses to Management!

What's New?

APRIL 19, 2018:

Tops filed a motion seeking bankruptcy court approval of its KEY EMPLOYEE INCENTIVE PLAN ("KEIP"). UFCW District Union Local One, and the UFCW Local One Funds, will STRONGLY OPPOSE ANY BONUSES GOING TO ANY MANAGEMENT OFFICIAL OF TOPS with the Bankruptcy Court on May 10, 2018. Ironically, UFCW Local One Pension Fund filed a motion to the bankruptcy court seeking full post-petition pension contributions. On one hand Tops management wants to get BONUSES, and on the other hand they want to pay only ONE THIRD what is due your pension plan! #NO2KEIP We will keep you informed when we can release more documentation and information. 

 

All creditors, vendors (including charitable organizations, employees, received a Bankruptcy "Claim" Form to file any claim that may be withstanding with Tops and the bankruptcy court.  UFCW Local One filed claims for all relevant contract claims.  The UFCW Local One Pension Fund, along with six other creditors, sit on the Creditor Committee.

Chapter 11 Calendar
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LINK TO FOLLOW CHAPTER 11:

http://dm.epiq11.com/#/case/TOP/dockets/51?debtorId=7056

http://buffalonews.com/2018/03/22/union-tops-plans-to-cut-payments-to-worker-pension-plan/

https://www.nytimes.com/2018/03/26/business/grocery-wars-small-chains.html