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October 07, 2015 5:14 PM ET

Food and Staples Retailing

Company Overview of Tops Holding II Corporation

Company Overview

Tops Holding II Corporation, through its subsidiary, Tops Holding LLC, operates supermarkets in New York and Pennsylvania. Its supermarkets offer grocery, produce, frozen, dairy, meat, floral, seafood, health and beauty care, general merchandise, deli, prepared foods, and bakery goods; in-store butchers, home meal replacement items, delicatessens, bakeries, organic products, floral departments, greeting cards, and various health and beauty care items; and services, such as pharmacies, fuel stations, in-store banking, and Tim Hortons self-service coffee and donut kiosks. As of March 26, 2015, the company operated 158 corporate supermarkets under the names of Tops and Orchard Fresh, as well as...

6363 Main Street

Williamsville, NY 14221

United States

Founded in 2007

15,000 Employees



Key Executives for Tops Holding II Corporation

Chairman of The Board, Chief Executive Officer and Chief Executive Officer of Tops Gift Card Company LLC
Age: 63
President, Chief Operating Officer and Director
Age: 48
Chief Financial Officer and Senior Vice President
Age: 38
Executive Vice President of Supply Chain & Information Technology and Director
Age: 47
Executive Vice President, General Counsel, Secretary and Director
Age: 65
Compensation as of Fiscal Year 2015.

Tops Holding II Corporation Key Developments

Tops Holding II Corporation Announces Management Changes

On October 5, 2015, Tops Holding II Corporation appointed John Persons, as its President and Chief Operating Officer. Mr. Persons had been serving as the company's Executive Vice President, Sales, Marketing and Merchandising since January 1, 2015, and prior to that as the company's Senior Vice President of Retail Operations since December 2007. Mr. Persons has been employed at the company for over 30 years. In connection with Mr. Persons' appointment, Frank Curci will relinquish the office of President of the company. Mr. Curci will continue as the company's Chief Executive Officer and Chairman. On October 5, 2015, the Company appointed Kevin Darrington, the company's former Chief Operating Officer, as Executive Vice President, Supply Chain and Information Technology. Mr. Darrington will oversee the company's information technology and distribution systems, including the Company's warehouse distribution facility in Lancaster, NY. On October 5, 2015, Lynne Burgess notified the company that it is her intention to resign from her current position as Executive Vice President and General Counsel of the company effective December 31, 2015. Following the effective date of her resignation, Ms. Burgess has agreed to serve as special counsel to the company. Ms. Burgess will continue to serve on the company's board of directors.

Tops Holding II Corporation Announces Expansion Plans

Tops Holding II Corporation continued to make investments in improving its supermarkets and expanding its store network, which currently stands at 160 company-owned and 5 franchise-operated stores. On August 22 and August 23, in 2 days, it will be opening an existing 18,000 square-foot store in Fulton, New York. In November, the company will be opening a new store in Farmington, New York that it will take over from an independent operator. Farmington is located about 30 miles southeast of Rochester at the start of the Finger Lakes region. The 58,000 square-foot store is on a major commercial thoroughfare in the town and will provide its residents with a local grocery store that has fresh produce and wider selection of national and local brands, in-store butchers and an on-site fueling station.

Tops Holding II Corporation Reports Unaudited Consolidated Earnings Results for the Twelve Week and Twenty Eight Week Period Ended July 11, 2015; Provides Capital Expenditure and Interest Expenditure Guidance for the Year 2015

Tops Holding II Corporation reported unaudited consolidated earnings results for the twelve week and twenty eight week period ended July 11, 2015. For the twelve week period, the company reported net sales of $585.911 million compared to $596.200 million a year ago. Operating income was $16.467 million compared to $18.824 million a year ago. Loss before income taxes was $37.078 million compared to $0.497 million a year ago. Net loss was $37.478 million compared to $0.967 million a year ago. LBITDA was $0.660 million compared to EBITDA of $34.976 million a year ago. Adjusted EBITDA was $34.513 million compared to $36.288 million a year ago. For the twenty eight week period, the company reported net sales of $1,308.761 million compared to $1,352.739 million a year ago. Operating income was $38.557 million compared to $32.139 million a year ago. Loss before income taxes was $40.731 million compared to $12.259 million a year ago. Net loss was $41.673 million compared to $8.593 million a year ago. Net cash provided by operating activities was $43.506 million compared to $27.190 million a year ago. Cash paid for property and equipment was $21.843 million compared to $21.162 million a year ago. Capital expenditures were largely related to new store openings, store remodels and maintenance activities. EBITDA was $43.548 million compared to $69.038 million a year ago. Adjusted EBITDA was $70.013 million compared to $71.747 million a year ago. The increase reflects $15.2 million of transaction costs related to the December 2013 management purchase that were paid during the 2014 period and improved cash earnings. The company anticipated investing between $30 million and $40 million in capital expenditures during fiscal 2015. With immediate annual interest savings of almost $2 million, the company expects further reductions in its interest cost as it continues its focus on paying down debt.

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