Tops Markets
PE-Owned1 Documented ImpactMorgan Stanley PE acquired Tops in 2007 via LBO, then extracted a $375M dividend recap in 2013 while loading the grocer with $800M in debt. Filed bankruptcy in 2018.
Ownership Information
Tops Markets is owned by Morgan Stanley Private Equity. Private equity ownership often leads to cost-cutting, price increases, and reduced quality of service as firms prioritize returns for investors over customers and employees.Learn more about PE ownership impact →
Timeline
Tops Markets founded
Acquired by Morgan Stanley Private Equity for $310 million
Morgan Stanley PE extracted $375M dividend recap from Tops Markets before bankruptcy
Morgan Stanley PE acquired Tops for $310M in 2007, then extracted a $375M dividend recap in 2013 — more than the original purchase price — while loading the grocer with $800M in debt. Filed bankruptcy in 2018. ~14,000 workers affected.
How Wall Street Squeezed a Grocery Chain
Buffalo News →Before vs. After PE Acquisition
Dividend extraction
Reported 2018
Before PE
$310M acquisition
After PE
$375M extracted, $800M debt, bankruptcy
↓ 100%
Tracked Locations
CA (1)
San Diego
187 Main St
San Diego, CA 92101
555-714-5763
CO (1)
Denver
203 Main St
Denver, CO 80201
555-941-4283
MN (1)
Minneapolis
7646 Main St
Minneapolis, MN 55401
555-870-5489
NC (1)
Charlotte
5791 Main St
Charlotte, NC 28201
555-274-1766
OH (2)
Cleveland
9892 Main St
Cleveland, OH 44101
555-247-1794
Cleveland
9356 Main St
Cleveland, OH 44101
555-558-8558