September 26, 2017 6:04 AM 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 Upstate New York, Northern Pennsylvania, Western Vermont, and North Central Massachusetts. Its supermarkets offer grocery, produce, frozen, dairy, meat, floral, seafood, health and beauty care, general merchandise, deli, prepared foods, and bakery goods. The company also provides in-store butchers, home meal replacement items, delicatessens, bakeries, organic products, floral departments, greeting cards, and health and beauty care items, as well as pharmacies, fuel stations, and in-store banking services. As of December 31, 2016, it operated 171 full-service supermarkets under the Tops banner and 1...

6363 Main Street

Williamsville, NY 14221

United States

Founded in 2007

14,400 Employees



Key Executives for Tops Holding II Corporation

Chairman of the Board, CEO and CEO of Tops Gift Card Company LLC
Age: 65
President, Chief Operating Officer and Director
Age: 50
Chief Financial Officer and Executive Vice President
Age: 40
Executive Vice President of Operations
Age: 43
Executive Vice President of Human Resources, Assistant Secretary and Director
Age: 70
Compensation as of Fiscal Year 2017.

Tops Holding II Corporation Key Developments

Tops Holding LLC and Tops Markets II Corporation Announce Expiration and Final Results of Exchange Offer and Consent Solicitation

Tops Holding LLC and Tops Markets II Corporation announced the expiration and final results for their previously announced exchange offer to certain eligible noteholders to exchange any and all of the outstanding $85,514,000 aggregate principal amount of 8.750%/9.500% Senior Notes due 2018 (the “HoldCo Notes”) issued by Tops Holding II Corporation for a combination of new 9.000% Senior Amortizing Notes due 2021 (the “OpCo Notes”) and cash consideration. As of the expiration time for the Exchange Offer, which was 11:59 p.m., New York City time, on August 4, 2017, the Issuers had received tenders and consents from holders of $76,426,000 in aggregate principal amount of the HoldCo Notes, representing approximately 89.37% of the total outstanding principal amount of the HoldCo Notes. The Issuers have waived the condition that holders representing at least 90% of the aggregate principal amount of HoldCo Notes tender their HoldCo Notes in the Exchange Offer. At settlement, which is currently expected to occur August 9, 2017 (the “Settlement Date”), approximately $67,511,000 of OpCo Notes will be issued. Holders whose tendered HoldCo Notes are accepted for exchange will receive the total exchange consideration of $883.50 in principal amount of OpCo Notes and $116.50 in cash consideration per $1,000 principal amount of HoldCo Notes, plus accrued and unpaid interest in cash on the exchanged HoldCo Notes, to, but not including, the Settlement Date. In addition, the proposed amendments to the indenture governing the HoldCo Notes will become operative and effective on the Settlement Date.

Tops Holding II Corporation Reports Unaudited Consolidated Financial Results for the First Quarter Ended April 22, 2017; Provides Capital Expenditure Guidance for Fiscal 2017

Tops Holding II Corporation reported unaudited consolidated financial results for the first quarter ended April 22, 2017. For the quarter, net loss was $22.8 million compared with $15.2 million during the first quarter of 2016. First quarter 2017 EBITDA was $26.4 million compared with $33.9 million in the prior-year period. Adjusted EBITDA, which excludes specified non-cash and items that are not indicative of core operating performance, was $30.9 million, down $6.3 million from $37.12 million for the 2016 first quarter. Cash used in operating activities during the first quarter was $0.4 million compared with $10.4 million of cash provided by operating activities during the prior-year period. The change was primarily due to a larger net loss, adjusted for non-cash income and expense, of $7.1 million, and working capital changes, inclusive of a reduction of accrued expenses that included an $11.5 million reduction in accrued third-party gift card obligations. This negative cash flow impact was $6.1 million higher in the first quarter of 2017 compared to the comparable 2016 quarter due to the special gift card promotional program that was run in the fourth quarter of 2016. Capital expenditures were $8.5 million in the first quarter and were largely related to store remodels and maintenance activities. Net sales were $740,828,000 against $713,736,000 for the same period of last year. Operating income was $2,981,000 against $10,308,000 for the same period of last year. Loss before income taxes was $22,167,000 against $14,579,000 for the same period of last year. EBITDA was $26,390,000 against $33,922,000 for the same period of last year. The company expects to invest $20 to $25 million in capital expenditures during fiscal 2017.

Tops Holding II Corporation to Report Q1, 2017 Results on Jun 06, 2017

Tops Holding II Corporation announced that they will report Q1, 2017 results at 5:00 PM, Eastern Standard Time on Jun 06, 2017

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