News Release
 November 9, 2006
CONTACT: Tracy Pawelski

Williamsville, NY - TOPS Markets officials today released several updates surrounding its stores in Northeast Ohio. TOPS Markets will relay additional information to consumers about the sales of stores as it becomes available.

All TOPS Markets will close in December, whether or not a buyer has been found. Also in December, the 18 stores purchased by Giant Eagle several weeks ago will officially be transferred. TOPS will continue to seek purchasers for the remaining 28 stores. To help expedite and manage the store closing process, TOPS has partnered with Hilco Merchant Resources, LLC.

"We have been in the process of winding down our operations in Northeast Ohio for the past several months," said Dennis Hanley, regional vice president, TOPS Markets. "We want to thank our customers for their patronage and a great team of associates for keeping the stores running 'business as usual' during the sale process."

As a strong supporter of local community organizations, TOPS officials have been in contact with charitable groups that have participated in Cash for Causes gift card fundraising program. Customers are encouraged to use their TOPS gift cards in TOPS Markets by December 1, 2006. Following the transition of stores to Giant Eagle, TOPS gift cards will be honored in Giant Eagle stores.

On July 6, 2006 Royal Ahold, parent company of TOPS Markets, announced that TOPS would sell all 46 of its operating retail grocery stores in Northeast Ohio. No single bidder proposed a viable plan for acquiring all 46 stores. TOPS announced on October 10, 2006 that it had entered into an asset purchase agreement to sell 18 retail grocery stores to Giant Eagle, Inc. and is in the process of finalizing additional agreements in the coming weeks.

TOPS Markets, LLC, headquartered in Williamsville, NY, is one of four retail-operating companies under Ahold USA and is a division of Giant Food Stores in Carlisle, PA. TOPS currently operates 114 TOPS Markets and four Martin's Super Food Stores in New York, Ohio and Pennsylvania. For more information about TOPS Markets, visit

Hilco Merchant Resources

Based in Northbrook, IL, Hilco Merchant Resources ("HMR") provides a wide range of analytical, advisory, operational, asset monetization and capital investment services to help retailers define and execute strategic initiatives. HMR can acquire, co-invest in or facilitate the merger of retail operations; purchase or otherwise dispose of duplicative stores, underperforming divisions, unnecessary distribution centers, inventory, owned real estate and leases, and furniture, fixtures and equipment; and, provide retail restructuring services, interim store management, loss prevention services, marketing and advertising management, merchandising management, and strategic store opening programs. Over the years, Hilco principals have disposed of assets valued in excess of nearly $50 billion.

The Hilco Organization [] is a world leader in asset valuation, acquisition, disposition and specialized financing services for lenders, private equity sponsors, hedge funds, restructuring firms and corporations. Through multiple business units, Hilco provides asset appraisals and enterprise valuations; retail and industrial inventory disposition; machinery and equipment sales and auctions; real estate restructuring; accounts receivable portfolio acquisitions; bridge loans to facilitate mergers and acquisitions; other specialized debt, equity and financial advisory services; and, retail business consulting.


Press Room Archive