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WILLIAMSVILLE, N.Y. -- Tops Markets here has retained Northbrook, Ill.-based Hilco Merchant Resources, LLC to help expedite and manage the store-closing process for its 46 locations in northeast Ohio, all of which will close next month, regardless of whether a buyer has been found.
In December, Tops will officially hand over 18 stores to Giant Eagle, which bought them last month. Tops will continue to seek buyers for the rest of the stores.
"We have been in the process of winding down our operations in Northeast Ohio for the past several months," noted Tops regional v.p. Dennis Hanley in a statement. "We want to thank our customers for their patronage and a great team of associates for keeping the stores running 'business as usual' during the sale process."
Shoppers can use their Tops gift cards in Tops Markets until Dec. 1. After the transfer of the stores to Giant Eagle, the gift cards will be honored at Giant Eagle stores.
In July Tops' parent Ahold said that Tops would sell all 46 of stores in northeast Ohio. No single bidder proposed a viable plan for buying all 46 locations.
Hilco provides a wide range of analytical, advisory, operational, asset monetization, and capital investment services,
Tops, a division of Carlisle, Pa.-based Giant Food Stores, currently operates 114 Tops Markets and four Martin's Super Food Stores in New York, Ohio, and Pennsylvania.