Tops Markets is beginning the process of filing for Chapter 11 bankruptcy protection, the grocery store chain's CEO confirms. 

"Tops has built strong market share and our stores continue to distinguish themselves by offering quality products at affordable prices with superior customer service," says Frank Curci, the store's chief executive officer. "We believe the financing that we received from our noteholders is a vote of confidence in our business." 

Stores will remain open and customer should not see any changes in their shopping experience, he says. The filing is dated February 21, 2018. 

Tops has received a commitment for a $125 million loan financing agreement from its noteholders and a $140 million loan from Bank of America to support the company during the restructuring process, the company says. 

A report last weekend from Bloomberg News first suggested a bankruptcy filing was imminent, citing sources familiar with the chain. 

“We are continuing to provide our customers the convenience, savings and friendly service that they expect from us," Curci says. "Our priorities, values and commitments to our customers and our communities will not change. On behalf of everyone at Tops, we thank our customers for their continued support and look forward to ensuring that their every need is met. I also want to thank our 14,262 employees and associates for their continued hard work and dedication.”