Supermarket chain Tops Markets LLC filed for bankruptcy protection Wednesday, the latest regional grocery chain to look to restructure its balance sheet as consumers move to nontraditional food retailers, WSJ Pro Bankruptcy reported. The Williamsville, N.Y., company, which operates about 170 supermarkets in New York, Pennsylvania, Vermont under the Tops name, said it plans to stay open during bankruptcy. It employs more than 14,000 people — most of whom belong to unions — and has lined up $265 million in loans to fund its business during the chapter 11 case. Tops officials said that the chain’s financial troubles come from the competitive industry and the record run in falling food prices last year that has hurt supermarket chains across the U.S. The company lost about $80 million on about $2.5 billion in revenue last year, according to documents filed in U.S. Bankruptcy Court in White Plains, N.Y.
