Tops Markets
Morgan 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.
- FOUNDED
- 1962
- ACQUIRED
- Morgan Stanley Private Equity, 2007, $310 million
- IMPACTS
- 1 documented
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Editorial Record
maintained by DeathbyPE. Every claim links to a public source.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
CriticalClosure / BankruptcyMorgan 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
Before / After
Dividend extraction
reported 2018
before $310M acquisition
after $375M extracted, $800M debt, bankruptcy
-100%
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