The filing could come as soon as next month, according to Reuters. Both bankruptcies would be "a sign of the mounting pressures in the grocery industry", according to Bloomberg.
The Bloomberg report also says Bi-Lo LLC, which owns Winn Dixie chain, is also planning to file for court protection, and could close up to 200 stores.
With a great deal of competition and low margins, the grocery business has never been easy.
Citing sources close to the matter, Bloomberg said the chain will close nearly 200 stores as part of the restructuring.
Tops was originally founded by Ferrante Castellani an immigrant from Italy who close to one century ago opened his first location in Niagara Fall.
A private equity company bought Tops from the Dutch retailer Ahold in 2007, and later the supermarket chain was bought out by store management in 2013.
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