Food and Staples Retailing
Company Overview of Tops Markets, LLC
Tops Markets, LLC operates and franchises corporate supermarkets in Western and Northeastern New York, Northern Pennsylvania, Western Vermont, and Massachusetts. Its stores include fresh and grocery departments, gas stations, and pharmacies. The company was founded in 1962 and is headquartered in Williamsville, New York. Tops Markets, LLC operates as a subsidiary of Tops Holding, LLC.
6363 Main Street
Williamsville, NY 14221-5855
Founded in 1962
Key Executives for Tops Markets, LLC
Chairman, Chief Executive Officer and Owner
President, Chief Operating Officer and Director
Senior Vice President, General Counsel and Secretary
Senior Vice President of Human Resources
Compensation as of Fiscal Year 2017.
Tops Markets, LLC Key Developments
Tops Friendly Markets Announces Promotions
Jul 14 17
Tops Friendly Markets announced the promotions of Jillian Sirica, Kathleen Graim, and Eric Wurl. Jillian Sirica was recently promoted to the position of Manager, Digital Marketing. Jillian joined the TOPS team in 2006 as a cashier at the Orchard Park, NY store and has since held various positions both at the store level and the corporate office. Most recently Jillian held the position of Digital Media Specialist. She has also been a key member of the TOPS marketing team, specifically overseeing the development and execution of TOPS digital marketing strategies. TOPS announced the recent promotion of Kathleen Graim to the position of Deli/Carry-Out-Cafe Merchandising & Training Specialist. In her new role, Kathleen will be responsible for collaborating with the directors of in-store merchandising and the field specialists to implement new Carry-Out-Cafe and Deli programs and offerings at the store level, as well as provide direction on recipe and program accuracy to ensure consistent execution throughout the company. Kathleen has been a key member of the TOPS team since 1988, holding various positions at store level before becoming a Bakery Specialist, Community Relations Specialist, and Store Manager at the Warehouse Cafe. Most recently she oversaw prepared foods, deli, and bakery at the TOPS Orchard Fresh store, where she implemented new programs and offerings that drove double digit growth in those departments. In his new role, Eric will be responsible for leading TOPS private brands business to drive the growth of four key brand lines, along with many secondary brand lines, and working collaboratively with the in-house Daymon team as well as the merchandising, marketing, decision support, pricing, supply chain and operations teams. TOPS brand has items in 97 different categories. Eric joined the TOPS team 13 years ago from Bell's and Quality and started his TOPS career as an assistant store manager at the University Plaza Tops in Buffalo, NY. Soon after, he was promoted to store manager at the Niagara Falls Tops and Orchard Park locations, and then to District Manager. Most recently, he was Director of In Store Merchandising and Execution for the West region.
Tops Friendly Markets Hires Lorenzo Grooms as Director of Warehouse Operations
Jul 10 17
Tops Friendly Markets announced the hire of Lorenzo Grooms. Lorenzo, who has joined the TOPS team in the role of director of warehouse operations, comes to TOPS after holding various leadership positions within Giant Eagle and Sysco International Food Group. At Giant Eagle he held the position of operations manager for fourteen years, and was most recently the director of operations at Sysco. He brings a wealth of experience working within a union environment and with collective bargaining agreements, as well as with process improvement, safety, and staff development. In his new role, Lorenzo will lead all functions relating to warehouse operations in the Grocery, Perishable, and Frozen Distribution Centers including developing and implementing initiatives to enhance associate morale; team performance in the execution of optimum store service; delivery of results in key financial metrics, staffing, selection/receiving accuracy and throughput; and improving the supply chain and efficiency to the stores.
Tops Markets, LLC Announces Second Amended and Restated Credit Facility
Jan 6 17
On December 30, 2016, Tops Markets, LLC, as the Lead Borrower, the other Borrowers and Guarantors party thereto, Bank of America, N.A., as Administrative Agent, Collateral Agent, Swing Line Lender and L/C Issuer, the Lenders party thereto, and Bank of America, N.A., as Sole Lead Arranger and Sole Bookrunner, entered into the Second Amended and Restated Credit Agreement, which amended and restated the Company's prior asset-based revolving credit facility that was to mature on December 14, 2017. The Second Amended and Restated Credit Facility increases the Company's maximum borrowing capacity under the facility from $125.0 million to $150.0 million, consisting of a $140.0 million revolving credit facility, subject to a borrowing base calculation and a $10.0 million first-in, last-out term loan made by the Lenders to the Borrowers on the Effective Date. The borrowing base for the Second Amended and Restated Credit Facility includes certain inventory, pharmacy prescription files, credit card receivables, trade receivables and other reserves. The Second Amended and Restated Credit Facility also contains an option for the Company to upsize the Revolver by up to, in the aggregate, an additional $50.0 million to $190.0 million, if certain conditions are met. The Second Amended and Restated Credit Facility will mature on December 30, 2021. Loans under the Revolver, at the option of Tops Markets, bear interest at either a rate equal to LIBOR plus a margin of 125 to 175 basis points, determined based on levels of Revolver borrowing availability reset each fiscal quarter, or a rate equal to the prime rate (as defined in the Second Amended and Restated Credit Facility) plus a margin of 25 to 75 basis points, determined based on levels of Revolver borrowing availability reset each fiscal quarter. The FILO Loan, at the option of Tops Markets, bears interest at either a rate equal to LIBOR plus a margin of 275 to 325 basis points, determined based on levels of Revolver borrowing availability reset each fiscal quarter, or a rate equal to the prime rate plus a margin of 175 to 225 basis points, determined based on levels of Revolver borrowing availability reset each fiscal quarter.
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