Form 10-Q

0000950123-11-080964.txt : 20110829 0000950123-11-080964.hdr.sgml : 20110829 20110829161552 ACCESSION NUMBER: 0000950123-11-080964 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20110716 FILED AS OF DATE: 20110829 DATE AS OF CHANGE: 20110829 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Tops Holding Corp CENTRAL INDEX KEY: 0001483173 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-GROCERY STORES [5411] IRS NUMBER: 261252536 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-168065 FILM NUMBER: 111063051 BUSINESS ADDRESS: STREET 1: TOPS MARKETS LLC STREET 2: P.O. BOX 1027 CITY: BUFFALO STATE: NY ZIP: 14240-1027 BUSINESS PHONE: 716-635-5000 MAIL ADDRESS: STREET 1: C/O MORGAN STANLEY CAPITAL PARTNERS STREET 2: 1585 BROADWAY, FLOOR 39 CITY: NEW YORK STATE: NY ZIP: 10036 10-Q 1 c21807e10vq.htm FORM 10-Q Form 10-Q

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


þ		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JULY 16, 2011


o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

FOR THE TRANSITION PERIOD FROM ______ TO ______

COMMISSION FILE NUMBER 333-168065

TOPS HOLDING CORPORATION

(Exact name of registrant as specified in its charter)



Delaware (State or other jurisdiction of incorporation or organization)		26-1252536 (I.R.S. Employer Identification No.)

6363 Main Street,
Williamsville, New York 14221 (Address of principal executive office, including zip code)		(716) 635-5000 (Telephone Number)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o.

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer o		Accelerated filer o		Non-accelerated filer þ (Do not check if a smaller reporting company)		Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ

As of August 29, 2011, 144,776 shares of common stock of the registrant were outstanding.

TOPS HOLDING CORPORATION

TABLE OF CONTENTS


PART I — FINANCIAL INFORMATION (Unaudited)

ITEM 1. FINANCIAL STATEMENTS

Condensed Consolidated Balance Sheets as of July 16, 2011 and January 1, 2011			1

Condensed Consolidated Statements of Operations for the 12-week and 28-week periods ended July 16, 2011 and July 17, 2010			2

Condensed Consolidated Statements of Cash Flows for the 28-week periods ended July 16, 2011 and July 17, 2010			3

Notes to Condensed Consolidated Financial Statements			4

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			18

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			28

ITEM 4. CONTROLS AND PROCEDURES			29

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS			29

ITEM 1A. RISK FACTORS			29

ITEM 6. EXHIBITS			30

SIGNATURE			30

Exhibit 31.1
Exhibit 31.2
Exhibit 32.1
Exhibit 32.2
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT

PART I — FINANCIAL INFORMATION (Unaudited)


ITEM 1.		FINANCIAL STATEMENTS

TOPS HOLDING CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share and per share amounts)

(Unaudited)


	July 16, 2011			January 1, 2011
Assets
Current assets:
Cash and cash equivalents	$	18,636		$	17,419
Accounts receivable, net		55,577			57,044
Inventory, net		118,880			117,328
Prepaid expenses and other current assets		9,686			14,093
Assets held for sale		600			650
Income taxes refundable		203			200
Current deferred tax assets		2,265			2,265

Total current assets		205,847			208,999

Property and equipment, net		371,049			378,575
Intangible assets, net (Note 3)		74,347			79,072
Other assets		12,351			13,705

Total assets	$	663,594		$	680,351


Liabilities and Shareholders’ Deficit
Current liabilities:
Accounts payable	$	89,410		$	93,311
Accrued expenses and other current liabilities (Note 4)		76,182			79,123
Current portion of capital lease obligations		12,092			11,095
Current portion of long-term debt (Note 5)		420			402

Total current liabilities		178,104			183,931

Capital lease obligations		165,571			172,216
Long-term debt (Note 5)		362,731			365,262
Other long-term liabilities		19,863			21,099
Non-current deferred tax liabilities		4,019			3,354

Total liabilities		730,288			745,862


Shareholders’ deficit:
Common shares ($0.001 par value; 300,000 authorized shares, 144,776 shares issued & outstanding)		—			—
Paid-in capital		(2,056	)		(2,668	)
Accumulated deficit		(64,302	)		(62,507	)
Accumulated other comprehensive loss, net of tax		(336	)		(336	)

Total shareholders’ deficit		(66,694	)		(65,511	)

Total liabilities and shareholders’ deficit	$	663,594		$	680,351

See notes to unaudited condensed consolidated financial statements.

TOPS HOLDING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands)

(Unaudited)


	12-week periods ended						28-week periods ended
	July 16, 2011			July 17, 2010			July 16, 2011			July 17, 2010
Net sales	$	559,514		$	541,833		$	1,276,773		$	1,206,848
Cost of goods sold		(395,139	)		(380,778	)		(895,883	)		(838,946	)
Distribution costs		(9,393	)		(10,422	)		(23,556	)		(23,510	)

Gross profit		154,982			150,633			357,334			344,392

Operating expenses:
Wages, salaries and benefits		(76,356	)		(73,227	)		(175,338	)		(167,506	)
Selling and general expenses		(23,438	)		(24,039	)		(56,821	)		(55,802	)
Administrative expenses (inclusive of share-based compensation expense of $264, $182, $612 and $426)		(18,019	)		(22,528	)		(43,502	)		(62,507	)
Rent expense, net		(4,212	)		(4,180	)		(10,115	)		(10,017	)
Depreciation and amortization		(11,746	)		(14,984	)		(26,787	)		(33,714	)
Advertising		(4,412	)		(6,302	)		(10,402	)		(12,355	)
Impairment (Note 7)		(1,891	)		—			(1,891	)		—

Total operating expenses		(140,074	)		(145,260	)		(324,856	)		(341,901	)

Operating income		14,908			5,373			32,478			2,491

Bargain purchase		—			—			—			15,681
Loss on debt extinguishment		—			—			—			(1,008	)
Interest expense, net		(14,297	)		(14,074	)		(33,588	)		(32,484	)


Income (loss) before income taxes		611			(8,701	)		(1,110	)		(15,320	)

Income tax (expense) benefit (Note 6)		(318	)		(214	)		(685	)		9,699


Net income (loss)	$	293		$	(8,915	)	$	(1,795	)	$	(5,621	)

See notes to unaudited condensed consolidated financial statements.

TOPS HOLDING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)


	28-week periods ended
	July 16, 2011			July 17, 2010
Cash flows provided by operating activities:
Net loss	$	(1,795	)	$	(5,621	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		35,729			40,710
LIFO inventory valuation adjustments		2,161			(84	)
Impairment		1,891			—
Amortization of deferred financing costs		1,411			1,204
Deferred income taxes		665			(10,288	)
Share-based compensation expense		612			426
Bargain purchase		—			(15,681	)
Loss on debt extinguishment		—			1,008
Other		255			499
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable		1,467			(6,347	)
Increase in inventory, net		(3,713	)		(3,239	)
Decrease in prepaid expenses and other current assets		4,407			3,722
(Increase) decrease in income taxes refundable		(3	)		214
(Decrease) increase in accounts payable		(3,909	)		14,445
(Decrease) increase in accrued expenses and other current liabilities		(2,853	)		1,890
(Decrease) increase in other long-term liabilities		(1,271	)		2,427

Net cash provided by operating activities		35,054			25,285


Cash flows used in investing activities:
Cash paid for property and equipment		(25,908	)		(19,059	)
Proceeds from sale of assets		650			17,483
Acquisition of Penn Traffic assets		—			(85,023	)

Net cash used in investing activities		(25,258	)		(86,599	)


Cash flows (used in) provided by financing activities:
Borrowings on ABL Facility		356,300			58,100
Repayments on ABL Facility		(358,800	)		(72,100	)
Principal payments on capital leases		(5,803	)		(4,586	)
Proceeds from long-term debt borrowings		—			112,125
Repayments of long-term debt borrowings		(227	)		(36,199	)
Deferred financing costs incurred		(57	)		(5,328	)
Change in bank overdraft position		8			657
Proceeds from issuance of common shares		—			30,000

Net cash (used in) provided by financing activities		(8,579	)		82,669


Net increase in cash and cash equivalents		1,217			21,355
Cash and cash equivalents—beginning of period		17,419			19,722

Cash and cash equivalents—end of period	$	18,636		$	41,077

See notes to unaudited condensed consolidated financial statements.

TOPS HOLDING CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. DESCRIPTION OF THE COMPANY AND BASIS OF PRESENTATION

The Company

Tops Holding Corporation (“Holding” or “Company”) is the parent of Tops Markets, LLC (“Tops” or “Tops Markets”). Holding was incorporated on October 5, 2007 and commenced operations on December 1, 2007. Holding is owned by various funds affiliated with Morgan Stanley Private Equity, an affiliate of Morgan Stanley & Co., Incorporated (“Morgan Stanley”), HSBC Private Equity Partners (“HSBC”), two minority investors and a company employee. Holding has no other business operations as its sole purpose is the ownership of Tops Markets. Tops operates as a food retailer in Upstate New York and Northern Pennsylvania under the banner Tops.

On January 29, 2010, the Company completed the acquisition (the “Acquisition”) of substantially all assets and certain liabilities of The Penn Traffic Company (“Penn Traffic”) and its subsidiaries, including Penn Traffic’s 79 retail supermarkets, in exchange for cash consideration of $85.0 million. Twenty-four of the acquired supermarkets were closed or sold during 2010. In August 2010, the Federal Trade Commission (“FTC”) issued a Proposed Order that would require Tops to sell seven of the retained supermarkets. On June 30, 2011, the FTC approved a modified Final Order requiring the sale of the seven supermarkets and the retention by the Company of a divestiture trustee to market the supermarkets subject to the Final Order. Also on June 30, 2011, the FTC approved the application by Tops to sell three of these supermarkets to Hometown Markets, LLC (“Hometown Markets”). The sale of these supermarkets closed in late July and early August 2011. As of August 29, 2011, the Company operates 52 of the 79 acquired supermarkets under the banners of Tops, P&C and Quality Markets. Net sales and operating loss for the seven supermarkets subject to the Final Order were $13.7 million and $1.6 million, respectively, during the 12-week period ended July 16, 2011, and $30.9 million and $1.7 million, respectively, during the 28-week period ended July 16, 2011. As of August 29, 2011, the Company operates 125 corporate retail supermarkets with an additional 5 franchise supermarkets.

Accounting Policies

The summary of significant accounting policies is included in Note 1 to the audited consolidated financial statements of Tops Holding Corporation for the fiscal year ended January 1, 2011, which appear in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 31, 2011.

Basis of Presentation and Principles of Consolidation

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the requirements for Form 10-Q, and do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. The condensed consolidated financial statements include the accounts of the Company and all of its subsidiaries. All intercompany transactions have been eliminated.

The Company’s condensed consolidated financial statements for the 12 and 28-week periods ended July 16, 2011 and July 17, 2010 are unaudited, and, in the opinion of management, contain all adjustments that are of a normal and recurring nature necessary for a fair statement of financial position and results of operations for such periods.

The allocation of the purchase price to the assets acquired and liabilities assumed from the Acquisition previously presented for the 28-week period ended July 17, 2010 has been retrospectively adjusted to reflect final acquisition accounting adjustments made during the fiscal year ended January 1, 2011. See Note 2 to the audited consolidated financial statements of Tops Holding Corporation for the fiscal year ended January 1, 2011 for a summary of the final purchase price allocation.

Segments

The Company operates 125 corporate retail supermarkets with an additional 5 franchise supermarkets, which offer grocery, produce, frozen, dairy, meat, floral, seafood, health and beauty care, general merchandise, deli and bakery goods. As of July 16, 2011, 79 of the supermarkets offered pharmacy services and 38 fuel centers were in operation. Across all 125 corporate retail supermarkets, the Company operates one format where each supermarket offers the same general mix of products with similar pricing to similar categories of customers. The Company has concluded that each individual supermarket is an operating segment. The Company’s retail operations, which represent substantially all of the Company’s consolidated sales, earnings and total assets, are its only reportable segment.

These 125 operating segments have been aggregated into one reportable segment because, in the Company’s judgment, the operating segments have similar historical economic characteristics and are expected to have similar economic characteristics and long-term financial performance in the future. The principal measures and factors considered in determining whether the economic characteristics are similar are gross margin percentage, capital expenditures, competitive risks and employee labor agreements. In addition, each operating segment has similar products and types of customers, similar methods of distribution and a similar regulatory environment.

The following table presents sales revenue by type of similar product (dollars in thousands):


	12-week periods ended										28-week periods ended
	July 16, 2011					July 17, 2010					July 16, 2011					July 17, 2010
			% of					% of					% of					% of
	Amount		Total			Amount		Total			Amount		Total			Amount		Total
Non-perishables⁽¹⁾	$	308,003		55.0	%	$	307,903		56.8	%	$	718,213		56.2	%	$	695,517		57.6	%
Perishables⁽²⁾		155,393		27.8	%		154,236		28.5	%		344,051		26.9	%		330,147		27.4	%
Fuel		52,127		9.3	%		34,834		6.4	%		110,493		8.7	%		75,882		6.3	%
Pharmacy		40,211		7.2	%		41,338		7.6	%		95,305		7.5	%		97,353		8.1	%
Other⁽³⁾		3,780		0.7	%		3,522		0.7	%		8,711		0.7	%		7,949		0.6	%

	$	559,514		100.0	%	$	541,833		100.0	%	$	1,276,773		100.0	%	$	1,206,848		100.0	%


(1)		Non-perishables consist of grocery, dairy, frozen, general merchandise, health and beauty care and other non-perishable related products.

(2)		Perishables consist of produce, meat, seafood, bakery, deli, floral, prepared foods and other perishable related products.

(3)		Other primarily consists of franchise income and service commission income, including lottery, money orders and money transfers.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s condensed consolidated financial statements and notes thereto. The most significant estimates used by management are related to the accounting for vendor allowances, valuation of long-lived assets including intangible assets, acquisition accounting, lease classification, self-insurance reserves, inventory valuation, and income taxes. Actual results could differ from these estimates.

Fair Value of Financial Instruments

The provisions of FASB Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures” establish a framework for measuring fair value and a hierarchy that categorizes and prioritizes the sources to be used to estimate fair value as follows:

Level 1 — observable inputs such as quoted prices in active markets;

Level 2 — inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs); and

Level 3 — unobservable inputs that reflect the Company’s determination of assumptions that market participants would use in pricing the asset or liability. These inputs are developed based on the best information available, including the Company’s own data.

The carrying amount of the Company’s cash and cash equivalents at July 16, 2011 represents fair value as it includes cash on deposit with commercial banks.

The fair value of the Company’s senior secured notes is based on quoted market prices. At July 16, 2011, the fair value of total debt excluding capital leases was $407.6 million, compared to a carrying value of $363.2 million. At January 1, 2011, the fair value of total debt excluding capital leases was $408.4 million, compared to a carrying value of $365.7 million.

2. RECENT ACCOUNTING PRONOUNCEMENTS

In June 2011, the FASB issued Accounting Standards Update No. 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income” (“ASU No. 2011-05”). ASU No. 2011-05 provides companies two choices for presenting net income and comprehensive income: in a single continuous statement, or in two separate, but consecutive statements. Presenting comprehensive income in the statement of equity is no longer an option. ASU No. 2011-05 is effective for the company beginning in the fiscal year ending December 29, 2012 and is not expected to have a material impact on the Company’s consolidated financial statements as it only changes the disclosures surrounding comprehensive income.

3. INTANGIBLE ASSETS, NET

Intangible assets, net of accumulated amortization, consist of the following (dollars in thousands):


								Weighted
	Gross					Net		Average
	Carrying		Accumulated			Carrying		Amortization
July 16, 2011	Amount		Amortization			Amount		Period
Acquired Penn Traffic intangible assets:
Favorable/unfavorable lease rights	$	7,023	$	(1,451	)	$	5,572		7.9
Tradenames		4,200		(1,131	)		3,069		8.5
Customer relationships		1,700		(461	)		1,239		11.0

Other intangible assets:
Tradename		41,011		—			41,011	Indefinite life
Customer relationships		26,051		(17,146	)		8,905		8.0
Favorable/unfavorable lease rights		14,369		(7,768	)		6,601		9.3
Franchise agreements		11,538		(3,807	)		7,731		11.0
Other		406		(187	)		219		4.0

	$	106,298	$	(31,951	)	$	74,347		9.0


	Gross					Net
	Carrying		Accumulated			Carrying
January 1, 2011	Amount		Amortization			Amount
Acquired Penn Traffic intangible assets:
Favorable/unfavorable lease rights	$	7,023	$	(899	)	$	6,124
Tradenames		4,200		(700	)		3,500
Customer relationships		1,700		(300	)		1,400

Other intangible assets:
Tradename		41,011		—			41,011
Customer relationships		26,051		(14,931	)		11,120
Favorable/unfavorable lease rights		14,369		(7,003	)		7,366
Franchise agreements		11,538		(3,242	)		8,296
Other		497		(242	)		255

	$	106,389	$	(27,317	)	$	79,072

The Tops tradename is reviewed for impairment annually or more frequently if impairment indicators arise. Based on the Company’s assessment, no impairment was recorded during the 28-week periods ended July 16, 2011 and July 17, 2010.

During the 12-week periods ended July 16, 2011 and July 17, 2010, amortization expense was $2.0 million and $2.4 million, respectively. During the 28-week periods ended July 16, 2011 and July 17, 2010, amortization expense was $4.7 million and $5.4 million, respectively. Such amortization is included in administrative expenses in the condensed consolidated statements of operations.

As of July 16, 2011, expected future amortization of intangible assets is as follows (dollars in thousands):


2011 (remaining period)	$	3,875
2012		6,857
2013		6,012
2014		5,212
2015		3,977
Thereafter		7,403

4. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following (dollars in thousands):


	July 16, 2011		January 1, 2011
Wages, taxes and benefits	$	17,039	$	18,918
Lottery		9,674		10,083
Interest payable		9,111		8,318
Property and equipment expenditures		6,018		6,107
Sales and use tax		4,950		2,101
Self-insurance reserves		4,013		1,406
Utilities		3,617		2,980
Money orders		3,029		3,651
Gift cards		2,508		4,271
Union medical, pension and 401(k)		2,454		4,598
Repairs and maintenance		2,125		2,054
Vacation		1,925		1,110
Professional and legal fees		1,531		3,640
Advertising		702		1,920
Other		7,486		7,966

	$	76,182	$	79,123

5. DEBT

Long-term debt is comprised of the following (dollars in thousands):


	July 16, 2011			January 1, 2011
Senior Notes	$	350,000		$	350,000
Discount on Senior Notes, net		(2,700	)		(2,914	)
ABL Facility		12,500			15,000
Other loans		2,302			2,400
Mortgage note payable		1,049			1,178

Total debt		363,151			365,664
Current portion		(420	)		(402	)

Total long-term debt	$	362,731		$	365,262

On October 9, 2009, the Company issued $275.0 million of senior secured notes, bearing interest of 10.125% (the “Senior Notes”). The Company received proceeds from the Senior Notes issuance, net of a $4.5 million original issue discount, of $270.5 million. The Senior Notes mature October 15, 2015 and require semi-annual interest payments on April 15 and October 15. The Senior Notes are collateralized by (i) first-priority interests, subject to certain exceptions, in the Company’s warehouse distribution facility in Lancaster, New York, certain owned real property acquired by the Company, Tops Markets and the guarantors, Tops PT, LLC and Tops Gift Card Company, LLC, following the issue date of the Senior Notes, intellectual property, equipment, stock of subsidiaries and substantially all other assets of the Company, Tops Markets and the guarantors (other than leasehold interests in real property), other than assets securing the Company’s asset-based lending facility (the “ABL Facility”) on a first priority basis (collectively, the “Notes Priority Collateral”), and (ii) second-priority interests, subject to certain exceptions and permitted liens, in the assets of the Company, Tops Markets and the guarantors that secure the ABL Facility on a first-priority basis, including present and future receivables, inventory, prescription lists, deposit accounts and certain related rights and proceeds relating thereto (collectively, the “ABL Priority Collateral”).

Also effective October 9, 2009, the Company entered into a revolving ABL Facility that expires on October 9, 2013. The ABL Facility allowed a maximum borrowing capacity of $70.0 million, including a sub-limit for the issuance of letters of credit, subject to a borrowing base calculation. The ABL Facility was amended on January 29, 2010 to increase its borrowing capacity by up to $41.0 million, consisting of an increase in the amount available under the revolving credit facility of $30.0 million and a term loan of $11.0 million, in each case subject to a borrowing base calculation. The term loan was repaid in full with the proceeds from the $75.0 million of Senior Notes issued on February 12, 2010, as further described below. Based upon the borrowing base calculation as of July 16, 2011, the unused commitment under the ABL Facility was $60.3 million, after giving effect to $14.2 million of letters of credit outstanding thereunder. Revolving loans under the ABL Facility will, at the Company’s option, bear interest at either i) LIBOR plus a margin of 350 to 400 basis points, determined based on levels of borrowing availability, or ii) the prime rate plus a margin of 250 to 300 basis points, determined based on levels of borrowing availability. The ABL Facility is collateralized primarily by (i) first-priority interests, subject to certain exceptions, in the ABL Priority Collateral and (ii) second-priority interests, subject to certain exceptions, in the Notes Priority Collateral.

The proceeds from the Senior Notes and ABL Facility were utilized to repay the outstanding debt related to the Company’s previous senior secured credit facility and its warehouse mortgage, pay a $105.0 million dividend to the Company’s shareholders, settle the Company’s outstanding interest rate swap arrangement, and pay fees and expenses related to the financing transactions.

On February 12, 2010, the Company issued the additional $75.0 million of Senior Notes on the same terms as the October 2009 issuance. The Company received proceeds of $76.1 million from this issuance, including a $1.1 million original issue premium.

The Senior Notes and ABL Facility contain customary affirmative and negative covenants, including restrictions on indebtedness, liens, type of business, acquisitions, investments, sale or transfer of assets, payment of dividends, transactions involving affiliates, and change in control. Failure to meet any of these covenants would be an event of default. As of July 16, 2011, the Company was in compliance with all such covenants.

6. INCOME TAXES

Income tax (expense) benefit was as follows (dollars in thousands):


	12-week periods ended						28-week periods ended
	July 16, 2011			July 17, 2010			July 16, 2011			July 17, 2010
Current	$	—		$	(214	)	$	(20	)	$	(589	)
Deferred		(318	)		—			(665	)		10,288

	$	(318	)	$	(214	)	$	(685	)	$	9,699

The income tax expense for the 12-week period ended July 16, 2011 reflects the establishment of additional valuation allowance against net deferred tax assets during the period. The overall effective tax rate was 52.0%. The effective tax rate would have been 35.6% without the impact of the additional valuation allowance and discrete charges.

The income tax expense for the 12-week period ended July 17, 2010 reflects the establishment of additional valuation allowance against net deferred tax assets during the period. The overall effective tax rate was (2.5)%. The effective tax rate would have been 40.1% without the impact of the additional valuation allowance and discrete charges.

The income tax expense for the 28-week period ended July 16, 2011 reflects the establishment of additional valuation allowance against net deferred tax assets during the period. The overall effective tax rate was (61.7)%. The effective tax rate would have been 33.9% without the impact of the additional valuation allowance and discrete charges.

The income tax benefit for the 28-week period ended July 17, 2010 was primarily attributable to the reversal of $10.3 million of the valuation allowance established in the fiscal year ended January 2, 2010. The reversal of the valuation allowance was the result of recording a deferred tax liability that resulted from the bargain purchase associated with the Acquisition. The timing of taxable income resulting from the amortization of the gain for tax purposes provides sufficient future taxable income to support the future deductibility of the Company’s deferred tax assets. The overall effective rate for the 28-week period ended July 17, 2010 was 63.3%. The effective tax rate would have been 40.1% without the impact of adjustments to the valuation allowance, the bargain purchase, and discrete charges.

7. IMPAIRMENT

On June 30, 2011, the FTC approved an application by Tops to sell three supermarkets to Hometown Markets. The sale of these supermarkets closed in late July and early August 2011. As a result of the sale, the Company recorded a $1.9 million impairment within the condensed consolidated statements of operations for the 12 and 28-week periods ended July 16, 2011, representing the excess of the carrying value of assets over the sale price.

8. RELATED PARTY TRANSACTIONS

Tops Markets made a five-year loan to an executive for $0.2 million in connection with the executive’s relocation. During March 2010, the loan balance and related accrued interest was forgiven upon approval by the Company’s Board of Directors. Additionally, during July 2010, Tops reimbursed the executive for the personal tax impact of the loan forgiveness. This loan forgiveness and related tax reimbursement are included in administrative expenses in the condensed consolidated statement of operations for the 28-week period ended July 17, 2010, while the tax reimbursement is included in administrative expenses in the condensed consolidated statement of operations for the 12-week period ended July 17, 2010.

On January 29, 2010, the Company entered into a $25.0 million bridge loan with Morgan Stanley Senior Funding, Inc. (an affiliate of Morgan Stanley) and Banc of America Bridge LLC. Also on January 29, 2010, the Company received $30.0 million from the issuance of common shares to related parties.

Effective November 30, 2007, Holding entered into a Transaction and Monitoring Fee Agreement with Morgan Stanley and HSBC Bank. In consideration of certain services provided to Holding, the Company pays an annual monitoring fee of $0.8 million to Morgan Stanley and $0.2 million to HSBC, payable on a quarterly basis. During each of the 12-week periods ended July 16, 2011 and July 17, 2010, the Company paid $0.3 million related to this agreement. For each of the 28-week periods ended July 16, 2011 and July 17, 2010, the Company paid $0.5 million related to this agreement. These fees are included in administrative expenses in the condensed consolidated statements of operations.

9. GUARANTOR FINANCIAL STATEMENTS

The obligations of Holding and Tops Markets under the Senior Notes are jointly and severally, fully and unconditionally guaranteed by Tops Gift Card Company, LLC and Tops PT, LLC (the “Guarantor Subsidiaries”), both of which are wholly-owned subsidiaries of Tops Markets. Tops Gift Card Company, LLC was established in October 2008, while Tops PT, LLC was established in January 2010. Tops Markets is a joint issuer of the notes and is 100% owned by Holding. Separate financial statements of Holding, Tops Markets and of the Guarantor Subsidiaries are not presented as the guarantees are full and unconditional and the Guarantor Subsidiaries are jointly and severally liable.

The following supplemental financial information sets forth, on a condensed consolidating basis, balance sheets as of July 16, 2011 and January 1, 2011 for Holding and Tops Markets, the Guarantor Subsidiaries, and for the Company on a consolidated basis, the related statements of operations for the 12 and 28-week periods ended July 16, 2011 and July 17, 2010, and the related statements of cash flows for the 28-week periods ended July 16, 2011 and July 17, 2010.

For purposes of the guarantor financial statements, the Company and its subsidiaries determine the applicable tax provision for each entity generally using the separate return method. Under this method, current and deferred taxes are allocated to each reporting entity as if it were to file a separate tax return. The rules followed by the reporting entity in computing its tax obligation or refund, including the effects of the alternative minimum tax, would be the same as those followed in filing a separate return with the Internal Revenue Service. However, for purposes of evaluating an entity’s ability to realize its tax attributes, the Company assesses whether it is more likely than not that those assets will be realized at the consolidated level. Any differences in the total of the income tax provision for Holding only and the Guarantor Subsidiaries, as calculated on the separate return method, and the consolidated income tax provision, are eliminated in consolidation.

TOPS HOLDING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
JULY 16, 2011
(Dollars in thousands)


	Tops Holding						Guarantor
	Corporation			Tops Markets, LLC			Subsidiaries			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—		$	17,849		$	787		$	—		$	18,636
Accounts receivable, net		—			43,747			11,830			—			55,577
Intercompany receivables		—			3,326			9,296			(12,622	)		—
Inventory, net		—			80,730			38,150			—			118,880
Prepaid expenses and other current assets		—			7,848			1,838			—			9,686
Assets held for sale		—			—			600			—			600
Income taxes refundable		—			203			—			—			203
Current deferred tax assets		—			1,657			—			608			2,265

Total current assets		—			155,360			62,501			(12,014	)		205,847

Property and equipment, net		—			294,749			76,300			—			371,049
Intangible assets, net		—			64,467			9,880			—			74,347
Other assets		—			12,351			3,041			(3,041	)		12,351
Investment in subsidiaries		(77,309	)		107,615			—			(30,306	)		—

Total assets	$	(77,309	)	$	634,542		$	151,722		$	(45,361	)	$	663,594


Liabilities and Shareholders’ (Deficit) Equity
Current liabilities:
Accounts payable	$	—		$	67,519		$	21,891		$	—		$	89,410
Intercompany payables		3,326			9,296			—			(12,622	)		—
Accrued expenses and other current liabilities		882			60,795			15,249			(744	)		76,182
Current portion of capital lease obligations		—			11,759			333			—			12,092
Current portion of long-term debt		—			420			—			—			420
Current deferred tax liabilities		—			—			11			(11	)		—

Total current liabilities		4,208			149,789			37,484			(13,377	)		178,104

Capital lease obligations		—			162,033			3,538			—			165,571
Long-term debt		—			365,772			—			(3,041	)		362,731
Other long-term liabilities		—			16,707			3,156			—			19,863
Non-current deferred tax liabilities		—			16,743			(71	)		(12,653	)		4,019

Total liabilities		4,208			711,044			44,107			(29,071	)		730,288

Total shareholders’ (deficit) equity		(81,517	)		(76,502	)		107,615			(16,290	)		(66,694	)

Total liabilities and shareholders’ (deficit) equity	$	(77,309	)	$	634,542		$	151,722		$	(45,361	)	$	663,594

TOPS HOLDING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
JANUARY 1, 2011
(Dollars in thousands)


	Tops Holding						Guarantor
	Corporation			Tops Markets, LLC			Subsidiaries			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—		$	16,689		$	730		$	—		$	17,419
Accounts receivable, net		—			43,696			13,348			—			57,044
Intercompany receivables		—			2,850			13,091			(15,941	)		—
Inventory, net		—			80,060			37,268			—			117,328
Prepaid expenses and other current assets		—			11,445			2,648			—			14,093
Assets held for sale		—			—			650			—			650
Income taxes refundable		—			200			—			—			200
Current deferred tax assets		—			1,657			—			608			2,265

Total current assets		—			156,597			67,735			(15,333	)		208,999

Property and equipment, net		—			309,856			68,719			—			378,575
Intangible assets, net		—			68,048			11,024			—			79,072
Other assets		—			13,705			3,041			(3,041	)		13,705
Investment in subsidiaries		(75,094	)		104,799			—			(29,705	)		—

Total assets	$	(75,094	)	$	653,005		$	150,519		$	(48,079	)	$	680,351


Liabilities and Shareholders’ (Deficit) Equity
Current liabilities:
Accounts payable	$	—		$	69,881		$	23,430		$	—		$	93,311
Intercompany payables		2,850			13,091			—			(15,941	)		—
Accrued expenses and other current liabilities		544			62,099			17,224			(744	)		79,123
Current portion of capital lease obligations		—			10,754			341			—			11,095
Current portion of long-term debt		—			402			—			—			402
Current deferred tax liabilities		—			—			11			(11	)		—

Total current liabilities		3,394			156,227			41,006			(16,696	)		183,931

Capital lease obligations		—			168,743			3,473			—			172,216
Long-term debt		—			368,303			—			(3,041	)		365,262
Other long-term liabilities		—			17,941			3,158			—			21,099
Non-current deferred tax liabilities		—			16,078			(1,917	)		(10,807	)		3,354

Total liabilities		3,394			727,292			45,720			(30,544	)		745,862

Total shareholders’ (deficit) equity		(78,488	)		(74,287	)		104,799			(17,535	)		(65,511	)

Total liabilities and shareholders’ (deficit) equity	$	(75,094	)	$	653,005		$	150,519		$	(48,079	)	$	680,351

TOPS HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE 12-WEEK PERIOD ENDED JULY 16, 2011
(Dollars in thousands)


	Tops Holding						Guarantor
	Corporation			Tops Markets, LLC			Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	417,903		$	141,840		$	(229	)	$	559,514
Cost of goods sold		—			(300,520	)		(94,619	)		—			(395,139	)
Distribution costs		—			(6,619	)		(2,774	)		—			(9,393	)

Gross profit		—			110,764			44,447			(229	)		154,982

Operating expenses:
Wages, salaries and benefits		—			(54,701	)		(21,655	)		—			(76,356	)
Selling and general expenses		—			(16,357	)		(7,310	)		229			(23,438	)
Administrative expenses		(646	)		(12,746	)		(4,627	)		—			(18,019	)
Rent expense, net		—			(2,157	)		(2,055	)		—			(4,212	)
Depreciation and amortization		—			(8,930	)		(2,816	)		—			(11,746	)
Advertising		—			(3,072	)		(1,340	)		—			(4,412	)
Impairment					—			(1,891	)		—			(1,891	)

Total operating expenses		(646	)		(97,963	)		(41,694	)		229			(140,074	)

Operating (loss) income		(646	)		12,801			2,753			—			14,908

Interest expense, net		—			(14,249	)		(48	)		—			(14,297	)
Equity (loss) income from subsidiaries		(132	)		1,634			—			(1,502	)		—


(Loss) income before income taxes		(778	)		186			2,705			(1,502	)		611

Income tax expense		—			(318	)		(1,071	)		1,071			(318	)


Net (loss) income	$	(778	)	$	(132	)	$	1,634		$	(431	)	$	293

TOPS HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE 12-WEEK PERIOD ENDED JULY 17, 2010
(Dollars in thousands)


	Tops Holding						Guarantor
	Corporation			Tops Markets, LLC			Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	403,964		$	138,069		$	(200	)	$	541,833
Cost of goods sold		—			(286,525	)		(94,253	)		—			(380,778	)
Distribution costs		—			(7,166	)		(3,256	)		—			(10,422	)

Gross profit		—			110,273			40,560			(200	)		150,633

Operating expenses:
Wages, salaries and benefits		—			(52,139	)		(21,088	)		—			(73,227	)
Selling and general expenses		—			(15,862	)		(8,377	)		200			(24,039	)
Administrative expenses		(783	)		(16,724	)		(5,021	)		—			(22,528	)
Rent expense, net		—			(1,598	)		(2,582	)		—			(4,180	)
Depreciation and amortization		—			(13,476	)		(1,508	)		—			(14,984	)
Advertising		—			(4,498	)		(1,804	)		—			(6,302	)

Total operating expenses		(783	)		(104,297	)		(40,380	)		200			(145,260	)

Operating (loss) income		(783	)		5,976			180			—			5,373

Interest (expense) income, net		—			(14,311	)		237			—			(14,074	)
Equity (loss) income from subsidiaries		(8,297	)		252			—			8,045			—


(Loss) income before income taxes		(9,080	)		(8,083	)		417			8,045			(8,701	)

Income tax expense		—			(214	)		(165	)		165			(214	)


Net (loss) income	$	(9,080	)	$	(8,297	)	$	252		$	8,210		$	(8,915	)

TOPS HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE 28-WEEK PERIOD ENDED JULY 16, 2011
(Dollars in thousands)


	Tops Holding						Guarantor
	Corporation			Tops Markets, LLC			Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	958,836		$	318,530		$	(593	)	$	1,276,773
Cost of goods sold		—			(683,238	)		(212,645	)		—			(895,883	)
Distribution costs		—			(16,800	)		(6,756	)		—			(23,556	)

Gross profit		—			258,798			99,129			(593	)		357,334

Operating expenses:
Wages, salaries and benefits		—			(125,986	)		(49,352	)		—			(175,338	)
Selling and general expenses		—			(39,681	)		(17,733	)		593			(56,821	)
Administrative expenses		(1,426	)		(31,141	)		(10,935	)		—			(43,502	)
Rent expense, net		—			(5,303	)		(4,812	)		—			(10,115	)
Depreciation and amortization		—			(20,358	)		(6,429	)		—			(26,787	)
Advertising		—			(7,226	)		(3,176	)		—			(10,402	)
Impairment		—			—			(1,891	)		—			(1,891	)

Total operating expenses		(1,426	)		(229,695	)		(94,328	)		593			(324,856	)

Operating (loss) income		(1,426	)		29,103			4,801			—			32,478

Interest expense, net		—			(33,449	)		(139	)		—			(33,588	)
Equity (loss) income from subsidiaries		(2,215	)		2,816			—			(601	)		—


(Loss) income before income taxes		(3,641	)		(1,530	)		4,662			(601	)		(1,110	)

Income tax expense		—			(685	)		(1,846	)		1,846			(685	)


Net (loss) income	$	(3,641	)	$	(2,215	)	$	2,816		$	1,245		$	(1,795	)

TOPS HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE 28-WEEK PERIOD ENDED JULY 17, 2010
(Dollars in thousands)


	Tops Holding						Guarantor
	Corporation			Tops Markets, LLC			Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	919,407		$	287,950		$	(509	)	$	1,206,848
Cost of goods sold		—			(647,085	)		(191,861	)		—			(838,946	)
Distribution costs		—			(16,756	)		(6,754	)		—			(23,510	)

Gross profit		—			255,566			89,335			(509	)		344,392

Operating expenses:
Wages, salaries and benefits		—			(121,000	)		(46,506	)		—			(167,506	)
Selling and general expenses		—			(38,400	)		(17,911	)		509			(55,802	)
Administrative expenses		(1,265	)		(51,153	)		(10,089	)		—			(62,507	)
Rent expense, net		—			(5,025	)		(4,992	)		—			(10,017	)
Depreciation and amortization		—			(30,205	)		(3,509	)		—			(33,714	)
Advertising		—			(9,371	)		(2,984	)		—			(12,355	)

Total operating expenses		(1,265	)		(255,154	)		(85,991	)		509			(341,901	)

Operating (loss) income		(1,265	)		412			3,344			—			2,491

Bargain purchase		—			—			15,681			—			15,681
Loss on debt extinguishment		—			(1,008	)		—			—			(1,008	)
Interest (expense) income, net		—			(32,616	)		132			—			(32,484	)
Equity (loss) income from subsidiaries		(16,020	)		17,781			—			(1,761	)		—


(Loss) income before income taxes		(17,285	)		(15,431	)		19,157			(1,761	)		(15,320	)

Income tax expense		—			(589	)		(1,376	)		11,664			9,699


Net (loss) income	$	(17,285	)	$	(16,020	)	$	17,781		$	9,903		$	(5,621	)

TOPS HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE 28-WEEK PERIOD ENDED JULY 16, 2011
(Dollars in thousands)


	Tops Holding						Guarantor
	Corporation			Tops Markets, LLC			Subsidiaries			Eliminations			Consolidated
Net cash (used in) provided by operating activities	$	(476	)	$	24,304		$	11,226		$	—		$	35,054

Cash flows used in investing activities:
Cash paid for property and equipment		—			(10,516	)		(15,392	)		—			(25,908	)
Proceeds from sale of assets		—			—			650			—			650
Change in intercompany receivables position		—			(476	)		3,796			(3,320	)		—

Net cash used in investing activities		—			(10,992	)		(10,946	)		(3,320	)		(25,258	)


Cash flows provided by (used in) financing activities:
Borrowings on ABL Facility		—			356,300			—			—			356,300
Repayments on ABL Facility		—			(358,800	)		—			—			(358,800	)
Principal payments on capital leases		—			(5,580	)		(223	)		—			(5,803	)
Repayments of long-term debt borrowings		—			(227	)		—			—			(227	)
Deferred financing costs incurred		—			(57	)		—			—			(57	)
Change in bank overdraft position		—			8			—			—			8
Change in intercompany payables position		476			(3,796	)		—			3,320			—

Net cash provided by (used in) financing activities		476			(12,152	)		(223	)		3,320			(8,579	)


Net increase in cash and cash equivalents		—			1,160			57			—			1,217
Cash and cash equivalents—beginning of period		—			16,689			730			—			17,419

Cash and cash equivalents—end of period	$	—		$	17,849		$	787		$	—		$	18,636

TOPS HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE 28-WEEK PERIOD ENDED JULY 17, 2010
(Dollars in thousands)


	Tops Holding						Guarantor
	Corporation			Tops Markets, LLC			Subsidiaries			Eliminations			Consolidated
Net cash (used in) provided by operating activities	$	(475	)	$	20,209		$	5,551		$	—		$	25,285

Cash flows used in investing activities:
Acquisition of Penn Traffic assets		—			—			(85,023	)		—			(85,023	)
Proceeds from sale of assets		—			—			17,483			—			17,483
Cash paid for property and equipment		—			(14,130	)		(4,929	)		—			(19,059	)
Investment in subsidiaries		(30,000	)		(85,023	)		—			115,023			—
Change in intercompany receivables position		—			(475	)		(17,260	)		17,735			—

Net cash used in investing activities		(30,000	)		(99,628	)		(89,729	)		132,758			(86,599	)


Cash flows provided by financing activities:
Proceeds from long-term debt borrowings		—			112,125			—			—			112,125
Repayments of long-term debt borrowings		—			(36,199	)		—			—			(36,199	)
Borrowings on ABL Facility		—			58,100			—			—			58,100
Repayments on ABL Facility		—			(72,100	)		—			—			(72,100	)
Proceeds from issuance of common stock		30,000			30,000			—			(30,000	)		30,000
Deferred financing costs incurred		—			(5,328	)		—			—			(5,328	)
Principal payments on capital leases		—			(4,405	)		(181	)		—			(4,586	)
Capital contribution		—			—			85,023			(85,023	)		—
Change in bank overdraft position		—			657			—			—			657
Change in intercompany payables position		475			17,260			—			(17,735	)		—

Net cash provided by financing activities		30,475			100,110			84,842			(132,758	)		82,669


Net increase in cash and cash equivalents		—			20,691			664			—			21,355
Cash and cash equivalents—beginning of period		—			19,712			10			—			19,722

Cash and cash equivalents—end of period	$	—		$	40,403		$	674		$	—		$	41,077


ITEM 2.		MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with our unaudited condensed consolidated financial statements and related notes and other financial information appearing elsewhere in this report. This report contains forward-looking statements that involve risks and uncertainties. Our actual results may differ from those indicated in the forward-looking statements. See “Forward-Looking Statements” below.

COMPANY OVERVIEW

We are a leading supermarket retailer in our Upstate New York and Northern Pennsylvania markets. Introduced in 1962, our Tops brand is widely recognized as a strong retail supermarket brand name in our markets supported by strong customer loyalty and attractive supermarket locations. We are headquartered in Williamsville, New York and have approximately 12,600 associates.

In this discussion, the terms “we,” “our,” “us” and the “Company” refer to Tops Holding Corporation and each of its consolidated subsidiaries, including its wholly-owned subsidiary Tops Markets, LLC.

On January 29, 2010, we completed the Acquisition of substantially all assets and certain liabilities of Penn Traffic and its subsidiaries, including Penn Traffic’s 79 retail supermarkets, in exchange for cash consideration of $85.0 million. Twenty-four of the acquired supermarkets were closed or sold during 2010. In August 2010, the FTC issued a Proposed Order that would require us to sell seven of the retained supermarkets. On June 30, 2011, the FTC approved a modified Final Order requiring the sale of the seven supermarkets and the retention of a divestiture trustee to market the supermarkets subject to the Final Order. Also on June 30, 2011, the FTC approved our application to sell three of these supermarkets to Hometown Markets. The sale of these supermarkets closed in late July and early August 2011. As of August 29, 2011, we operate 52 of the 79 acquired supermarkets under the banners of Tops, P&C and Quality Markets. Net sales and operating loss for the seven supermarkets subject to the Final Order were $13.7 million and $1.6 million, respectively, during the 12-week period ended July 16, 2011, and $30.9 million and $1.7 million, respectively, during the 28-week period ended July 16, 2011. As of August 29, 2011, we operate 125 corporate retail supermarkets with an additional 5 franchise supermarkets.

FORWARD-LOOKING STATEMENTS

This report includes forward-looking statements, which are generally statements about future events, plans, objectives and performance. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements. Forward-looking statements reflect our current expectations, based on currently available information, and are not guarantees. Although we believe that the expectations reflected in such forward-looking statements are reasonable, these expectations could prove inaccurate as such statements involve risks and uncertainties, many of which are beyond our ability to control or predict. Should one or more of these risks or uncertainties, or other risks or uncertainties not currently known to us or that we currently deem to be immaterial, materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Important factors relating to these risks and uncertainties include, but are not limited to the following:

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risks of claims relating to the Acquisition that may not have been properly discharged in the bankruptcy process;

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the severity of current economic conditions and the impact on consumer demand and spending and our pricing strategy;

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pricing and market strategies, the expansion, consolidation and other activities of competitors, and our ability to respond to the promotional practices of competitors;

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our ability to effectively increase or maintain our profit margins;

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the success of our expansion and renovation plans;

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fluctuations in utility, fuel and commodity prices which could impact consumer spending and buying habits and the cost of doing business;

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risks inherent in our motor fuel operations;

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our exposure to local economies and other adverse conditions due to our geographic concentration;

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risks of natural disasters and severe weather conditions;

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supply problems with our suppliers and vendors;

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our relationships with unions and unionized employees, and the terms of future collective bargaining agreements or labor strikes;

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increased operating costs resulting from rising employee benefit costs or pension funding obligations;

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changes in, or the failure or inability to comply with, laws and governmental regulations applicable to the operation of our pharmacy and other businesses;

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the adequacy of our insurance coverage against claims of our customers in connection with our pharmacy services;

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estimates of the amount and timing of payments under our self-insurance policies;

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risks of liability under environmental laws and regulations;

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our ability to maintain and improve our information technology systems;

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events that give rise to actual or potential food contamination, drug contamination or food-borne illness or any adverse publicity relating to these types of concerns, whether or not valid;

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threats or potential threats to security;

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our ability to retain key personnel;

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risks of data security breaches or losses of confidential customer information;

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risks relating to our substantial indebtedness;

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claims or legal proceedings against us;

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decisions by our controlling shareholders that may conflict with the interests of the holders of our debt; and

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other factors discussed under “Risk Factors” in our Annual Report on Form 10-K for the year ended January 1, 2011 and elsewhere in this 10-Q.

We caution that one should not place undue reliance on forward-looking statements, which speak only as of the date on which they are made. We disclaim any intention, obligation or duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

BASIS OF PRESENTATION

We operate on a 52/53 week fiscal year ending on the Saturday closest to December 31. Our fiscal years include 13 four-week reporting periods, with an additional week in the thirteenth reporting period for 53-week fiscal years. Our first quarter of each fiscal year includes four reporting periods, while the remaining quarters include three reporting periods.

Our condensed consolidated financial statements for the 12 and 28-week periods ended July 16, 2011 and July 17, 2010 are unaudited, and, in the opinion of management, contain all adjustments that are of a normal and recurring nature necessary for a fair statement of financial position and results of operations for such periods.

RECENT AND FUTURE EVENTS AFFECTING OUR RESULTS OF OPERATIONS AND THE COMPARABILITY OF REPORTED RESULTS OF OPERATIONS

Acquisition of Penn Traffic

On January 29, 2010, we completed the Acquisition, including Penn Traffic’s 79 retail supermarkets. We have currently retained 52 of the acquired supermarkets. Three supermarkets were sold during late July and early August 2011. The remaining 24 supermarkets were closed or sold during 2010. Net sales and operating loss for these 24 supermarkets were $0.9 million and $2.1 million, respectively, for the 12-week period ended July 17, 2010, and $33.9 million and $2.3 million, respectively, for the 28-week period ended July 17, 2010. Also included in our results during the 12 and 28-week periods ended July 17, 2010 were integration costs of $5.6 million and $16.5 million, respectively, and one-time legal and professional fees related to the Acquisition of $0.3 million and $4.7 million, respectively. Additionally, we incurred $0.5 million and $2.1 million of legal expenses associated with the FTC’s review of the acquired supermarkets during the 28-week periods ended July 16, 2011 and July 17, 2010, respectively. Additional depreciation and amortization of $3.0 million was incurred during the 28-week period ended July 16, 2011, as compared to the 28-week period ended July 17, 2010, associated with acquired property, equipment and intangible assets as a result of operating the acquired supermarkets for four additional weeks during the 2011 period.

The excess of net assets acquired over the purchase price of $15.7 million has been recognized as a bargain purchase in the condensed consolidated statement of operations for the 28-week period ended July 17, 2010. This bargain purchase was attributable to the distressed status of Penn Traffic due to poor historical operating results, which led to its November 2009 bankruptcy filing.

Debt Refinancing

On February 12, 2010, we issued an additional $75.0 million of Senior Notes under the same terms as the October 2009 issuance. We received proceeds of $76.1 million from this issuance, including a $1.1 million original issue premium. The proceeds were used, in part, to repay in full short-term borrowings that were entered into in order to finance the Acquisition.

Issuance of Common Stock

On January 29, 2010, we received $30.0 million of proceeds from the issuance of 44,776 shares of common stock to certain shareholders of Holding.

Dividend

On July 26, 2010, we paid a dividend to our shareholders totaling $30.0 million, or $207.22 per share of common stock outstanding.

General Economic Conditions

The United States economy and financial markets have declined and experienced volatility due to uncertainties related to energy prices, availability of credit, inflation in food prices, difficulties in the banking and financial services sectors, the decline in the housing market, falling consumer confidence and high unemployment rates. As a result, consumers are more cautious, possibly leading to additional reductions in consumer spending, to consumers trading down to a less expensive mix of products, or to consumers trading down to discounts for grocery items, all of which may affect our financial condition and results of operations.

Furthermore, because of economic conditions, we may experience reductions in traffic in our supermarkets or limitations on the prices we can charge for our products, either of which may reduce our sales and profit margins and have a material adverse affect on our financial condition and results of operations. Other economic factors such as inflation, energy costs, increased transportation costs, higher costs of labor, insurance and healthcare, and changes in laws and regulations may increase our costs of goods sold and operating expenses, and otherwise adversely affect our financial condition and results of operations. During the fiscal year ended January 1, 2011 and the first 28 weeks of this year, we experienced the effects of some of these economic factors.

RESULTS OF OPERATIONS

12-Week Period Ended July 16, 2011 Compared with 12-Week Period Ended July 17, 2010

Executive Summary

The results of operations during the 12-week period ended July 16, 2011 when compared with the 12-week period ended July 17, 2010 were impacted primarily by the one-time acquisition and integration costs associated with the Acquisition incurred during the 12-week period ended July 17, 2010.

Net Sales

The following table includes a comparison of the components of our net sales for the 12-week periods ended July 16, 2011 and July 17, 2010.

(Dollars in thousands)


	12-week periods ended
	July 16, 2011		July 17, 2010		$ Change		% Change
Inside sales	$	507,387	$	506,999	$	388		0.1	%
Gasoline sales		52,127		34,834		17,293		49.6	%

Net sales	$	559,514	$	541,833	$	17,681		3.3	%

Inside sales increased during the 12-week period ended July 16, 2011 compared with the 12-week period ended July 17, 2010 due to the inside sales contribution of $6.5 million related to new supermarkets opened since August 2010. This contribution was largely offset by a 1.0% decrease in same store sales, which was largely attributable to the timing of the Easter holiday. The week following Easter, historically a very poor sales week, occurred during the first week of the 2011 period, versus the week prior to the beginning of the 2010 period. Additionally, we experienced an increased trend of customers trading down to lower-priced merchandise, including private label products, during the 2011 period.

Gasoline sales increased during the 12-week period ended July 16, 2011 compared with the 12-week period ended July 17, 2010 due to a 35.4% increase in the retail price per gallon. Additionally, the number of gallons sold increased 10.5%, primarily due to the addition of three new fuel stations since June 2010.

Gross Profit

The following table includes a comparison of cost of goods sold, distribution costs and gross profit for the 12-week periods ended July 16, 2011 and July 17, 2010.

(Dollars in thousands)


	12-week						12-week
	period ended			% of			period ended			% of			$			%
	July 16, 2011			Net Sales			July 17, 2010			Net Sales			Change			Change
Cost of goods sold	$	(395,139	)		70.6	%	$	(380,778	)		70.3	%	$	14,361			3.8	%
Distribution costs		(9,393	)		1.7	%		(10,422	)		1.9	%		(1,029	)		(9.9	)%

Gross profit	$	154,982			27.7	%	$	150,633			27.8	%	$	4,349			2.9	%

As a percentage of net sales, cost of goods sold increased during the 12-week period ended July 16, 2011 compared with the 12-week period ended July 17, 2010 due to an increase in LIFO expense from $1.0 million during the 12-week period ended July 17, 2010 to $2.8 million during the 12-week period ended July 16, 2011, resulting from continuing commodity cost inflation experienced during the 2011 period. Excluding the impact of non-cash LIFO expense, cost of goods sold as a percentage of net sales was relatively consistent year-over-year. This reflects a lower margin rate on inside sales during the 2010 period due to promotional activities associated with the rebannering and grand re-openings of the retained Penn Traffic supermarkets, as well as an increased penetration of private label merchandise sales during the 2011 period. This was offset by the higher proportion of gasoline sales versus inside sales, as gasoline sales occur at lower margin rates.

As a percentage of net sales, distribution costs decreased during the 12-week period ended July 16, 2011 compared with the 12-week period ended July 17, 2010 due to a $0.9 million benefit from the “open book” supply agreement with C&S Wholesale Grocers (“C&S”) related to favorable gross margin, largely due to commodity forward buy activities. Additionally, we experienced a $0.4 million decrease in workers’ compensation costs resulting from an unfavorable claim adjustment related to C&S under the “open book” supply agreement during the 12-week period ended July 17, 2010. These factors were partially offset by the increase in period-over-period fuel costs.

Gross profit as a percentage of net sales decreased due to the aforementioned factors.

Operating Expenses

The following table includes a comparison of operating expenses for the 12-week periods ended July 16, 2011 and July 17, 2010.

(Dollars in thousands)


	12-week					12-week
	period ended		% of			period ended		% of			$			%
	July 16, 2011		Net Sales			July 17, 2010		Net Sales			Change			Change
Wages, salaries and benefits	$	76,356		13.6	%	$	73,227		13.5	%	$	3,129			4.3	%
Selling and general expenses		23,438		4.2	%		24,039		4.4	%		(601	)		(2.5	)%
Administrative expenses		18,019		3.2	%		22,528		4.1	%		(4,509	)		(20.0	)%
Rent expense, net		4,212		0.8	%		4,180		0.8	%		32			0.8	%
Depreciation and amortization		11,746		2.1	%		14,984		2.8	%		(3,238	)		(21.6	)%
Advertising		4,412		0.8	%		6,302		1.2	%		(1,890	)		(30.0	)%
Impairment		1,891		3.4	%		—		N/A			1,891			N/A

Total	$	140,074		25.0	%	$	145,260		26.8	%	$	(5,186	)		(3.6	)%

Wages, Salaries and Benefits

As a percentage of net sales, the increase in wages, salaries and benefits during the 12-week period ended July 16, 2011 compared with the 12-week period ended July 17, 2010 was largely attributable to lower vacation expense of $1.5 million during the 2010 period due to the benefit related to a policy change for union associates that modified the period over which vacation time is earned. Additionally, we have experienced a $0.6 million increase in union health and welfare costs, as well as the impact of normal wage rate increases. These items were largely offset by increased labor efficiencies.

Selling and General Expenses

As a percentage of net sales, the decrease in selling and general expenses during the 12-week period ended July 16, 2011 compared with the 12-week period ended July 17, 2010 was attributable to a $0.7 million decrease in utility costs due to lower electricity consumption given cooler temperatures during the late spring and early summer of 2011. Additionally, $0.3 million of Penn Traffic integration costs were classified in selling and general expenses during the 12-week period ended July 17, 2010. We have also benefitted from the renegotiation of certain cleaning and maintenance contracts during 2011. These positive factors were partially offset by a $0.5 million increase in credit and debit card transaction fees due to increases in usage and fee rates, as well as a $0.4 million decrease in recyclable bottles handling income resulting from lower redemption volumes.

Administrative Expenses

The decrease in administrative expenses during the 12-week period ended July 16, 2011 compared with the 12-week period ended July 17, 2010 was primarily attributable to $4.1 million of Penn Traffic integration costs and one-time legal and professional fees related to the Acquisition during the 2010 period. Additionally, we experienced a $1.5 million decrease in IT costs, largely resulting from our renegotiated IT services contract. These items were partially offset by normal wage rate increases.

Rent Expense, Net

Rent expense reflects our rental expense for supermarkets under operating lease arrangements, net of income we receive from various entities that rent space in our supermarkets under subleasing arrangements. Rent expense remained relatively consistent during the 12-week period ended July 16, 2011 compared with the 12-week period ended July 17, 2010.

Depreciation and Amortization

The decrease in depreciation and amortization during the 12-week period ended July 16, 2011 compared with the 12-week period ended July 17, 2010 was largely attributable to a significant amount of assets that became fully depreciated near the conclusion of the fiscal year ended January 1, 2011.

Advertising

The decrease in advertising during the 12-week period ended July 16, 2011 compared with the 12-week period ended July 17, 2010 was due to $1.5 million in costs associated with the communication of the Acquisition to our customers and the promotion of the grand re-openings related to the rebannered supermarkets during the 12-week period ended July 17, 2010. Additionally, we incurred incremental costs of $0.2 million due to duplicative circulars produced under the P&C, Quality Markets and Bi-Lo banners subsequent to the Acquisition during this same 2010 period.

Impairment

On June 30, 2011, the FTC approved our application to sell three supermarkets to Hometown Markets. The sale of these supermarkets closed in late July and early August 2011. As a result of the sale, we recorded a $1.9 million impairment within the condensed consolidated statements of operations for the 12-week period ended July 16, 2011, representing the excess of the carrying value of assets over the sale price.

Interest Expense, Net

Interest expense of $14.3 million during the 12-week period ended July 16, 2011 was relatively consistent with interest expense of $14.1 million during the 12-week period ended July 17, 2010.

Income Tax Expense

The income tax expense for the 12-week period ended July 17, 2010 reflects the establishment of additional valuation allowance against net deferred tax assets during the period. The overall effective tax rate was (2.5)%. The effective tax rate would have been 40.1% without the impact of adjustments to the valuation allowance and discrete charges.

Net Income (Loss)

Our net income (loss) improved to net income of $0.3 million during the 12-week period ended July 16, 2011 compared with net loss of $8.9 million during the 12-week period ended July 17, 2010. The change in net income (loss) was attributable to the factors discussed above.

28-Week Period Ended July 16, 2011 Compared with 28-Week Period Ended July 17, 2010

Executive Summary

The results of operations during the 28-week period ended July 16, 2011 when compared with the 28-week period ended July 17, 2010 were impacted primarily by the additional four weeks of operating results for the supermarkets acquired in the Acquisition and improved sales during the 28-week period ended July 16, 2011, as well as one-time acquisition and integration costs associated with the Acquisition incurred during the 28-week period ended July 17, 2010.

Net Sales

The following table includes a comparison of the components of our net sales for the 28-week periods ended July 16, 2011 and July 17, 2010.

(Dollars in thousands)


	28-week periods ended
	July 16, 2011		July 17, 2010		$ Change		% Change
Inside sales	$	1,166,280	$	1,130,966	$	35,314		3.1	%
Gasoline sales		110,493		75,882		34,611		45.6	%

Net sales	$	1,276,773	$	1,206,848	$	69,925		5.8	%

Inside sales increased during the 28-week period ended July 16, 2011 compared with the 28-week period ended July 17, 2010 due to a 1.4% increase in same store sales, the operation of the acquired Penn Traffic supermarkets for four additional weeks, as well as the contribution of $13.2 million related to new supermarkets opened since August 2010.

Gasoline sales increased during the 28-week period ended July 16, 2011 compared with the 28-week period ended July 17, 2010 due to a 28.8% increase in the retail price per gallon. Additionally, the number of gallons sold increased 13.1%, primarily due to the addition of four new fuel stations since April 2010.

Gross Profit

The following table includes a comparison of cost of goods sold, distribution costs and gross profit for the 28-week periods ended July 16, 2011 and July 17, 2010.

(Dollars in thousands)


	28-week						28-week
	period ended			% of			period ended			% of			$		%
	July 16, 2011			Net Sales			July 17, 2010			Net Sales			Change		Change
Cost of goods sold	$	(895,883	)		70.2	%	$	(838,946	)		69.5	%	$	56,937		6.8	%
Distribution costs		(23,556	)		1.8	%		(23,510	)		1.9	%		46		0.2	%

Gross profit	$	357,334			28.0	%	$	344,392			28.5	%	$	12,942		3.8	%

As a percentage of net sales, cost of goods sold increased during the 28-week period ended July 16, 2011 compared with the 28-week period ended July 17, 2010 due to the change in LIFO adjustments from income $0.1 million during the 28-week period ended July 17, 2010 to expense of $2.2 million during the 28-week period ended July 16, 2011. Excluding the impact of non-cash LIFO adjustments, cost of goods sold as a percentage of net sales was 70.0% and 69.5% during the 2011 and 2010 periods, respectively. This reflects the higher proportion of gasoline sales versus inside sales, as gasoline sales occur at lower margin rates.

As a percentage of net sales, distribution costs decreased during the 28-week period ended July 16, 2011 compared with the 28-week period ended July 17, 2010 due to a $0.9 million benefit from the “open book” supply agreement with C&S related to favorable gross margin, largely due to commodity forward buy activities. Additionally, we experienced a $0.4 million decrease in workers’ compensation costs resulting from an unfavorable claim adjustment related to C&S under the “open book” supply agreement during the 28-week period ended July 17, 2010. These factors were partially offset by the increase in period-over-period fuel costs.

Gross profit as a percentage of net sales decreased due to the aforementioned change in non-cash LIFO adjustments and change in sales mix.

Operating Expenses

The following table includes a comparison of operating expenses for the 28-week periods ended July 16, 2011 and July 17, 2010.

(Dollars in thousands)


	28-week					28-week
	period ended		% of			period ended		% of			$			%
	July 16, 2011		Net Sales			July 17, 2010		Net Sales			Change			Change
Wages, salaries and benefits	$	175,338		13.7	%	$	167,506		13.9	%	$	7,832			4.7	%
Selling and general expenses		56,821		4.5	%		55,802		4.6	%		1,019			1.8	%
Administrative expenses		43,502		3.4	%		62,507		5.2	%		(19,005	)		(30.4	)%
Rent expense, net		10,115		0.8	%		10,017		0.8	%		98			1.0	%
Depreciation and amortization		26,787		2.1	%		33,714		2.8	%		(6,927	)		(20.5	)%
Advertising		10,402		0.8	%		12,355		1.0	%		(1,953	)		(15.8	)%
Impairment		1,891		0.1	%		—		N/A			1,891			N/A

Total	$	324,856		25.4	%	$	341,901		28.3	%	$	(17,045	)		(5.0	)%

Wages, Salaries and Benefits

As a percentage of net sales, the decrease in wages, salaries and benefits during the 28-week period ended July 16, 2011 compared with the 28-week period ended July 17, 2010 was largely attributable to the more effective utilization of labor in the acquired and retained Penn Traffic supermarkets as a result of significant increases in sales levels in these stores. This was partially offset by vacation expense of $3.5 million during the 2010 period due to the benefit related to a policy change for union associates that modified the period over which vacation time is earned. Additionally, we experienced a $0.7 million increase in union health and welfare costs, as well as the impact of normal wage rate increases.

Selling and General Expenses

As a percentage of net sales, selling and general expenses remained consistent during the 28-week period ended July 16, 2011 compared with the 28-week period ended July 17, 2010.

Administrative Expenses

The decrease in administrative expenses during the 28-week period ended July 16, 2011 compared with the 28-week period ended July 17, 2010 was primarily attributable to a combined $20.2 million of Penn Traffic integration costs, one-time legal and professional fees related to the Acquisition and higher legal expenses associated with the FTC’s review of the acquired supermarkets recorded in administrative expenses during the 28-week period ended July 17, 2010. Additionally, we experienced a $2.7 million decrease in IT costs, largely resulting from our renegotiated IT services contract. These items were partially offset by normal wage rate increases and severance expense related to corporate headcount reductions during early 2011.

Rent Expense, Net

Rent expense reflects our rental expense for our supermarkets under operating lease arrangements, net of income we receive from various entities that rent space in our supermarkets under subleasing arrangements. Rent expense remained relatively consistent during the 28-week period ended July 16, 2011 compared with the 28-week period ended July 17, 2010.

Depreciation and Amortization

The decrease in depreciation and amortization during the 28-week period ended July 16, 2011 compared with the 28-week period ended July 17, 2010 was largely attributable to a significant amount of assets that became fully depreciated near the conclusion of the fiscal year ended January 1, 2011, partially offset by incremental depreciation and amortization associated with assets acquired as part of the Acquisition and 2010 and 2011 capital expenditure activity.

Advertising

The decrease in advertising during the 28-week period ended July 16, 2011 compared with the 28-week period ended July 17, 2010 was due to $1.5 million in costs associated with the communication of the Acquisition to our customers and the promotion of the grand re-openings related to the rebannered supermarkets during the 12-week period ended July 17, 2010. Additionally, we incurred incremental costs of $0.5 million due to duplicative circulars produced under the P&C, Quality Markets and Bi-Lo banners subsequent to the Acquisition during this same 2010 period.

Impairment

On June 30, 2011, the FTC approved our application to sell three supermarkets to Hometown Markets. The sale of these supermarkets closed in late July and early August 2011. As a result of the sale, we recorded a $1.9 million impairment within the condensed consolidated statements of operations for the 28-week period ended July 16, 2011, representing the excess of the carrying value of assets over the sale price.

Bargain Purchase

The excess of $15.7 million of the estimated fair value of Penn Traffic net assets acquired over the purchase price has been recognized as a gain in the condensed consolidated statement of operations for the 28-week period ended July 17, 2010. The allocation of the purchase price to the assets acquired and liabilities assumed from the Acquisition previously presented for the 28-week period ended July 17, 2010 has been retrospectively adjusted to reflect final acquisition accounting adjustments made during Fiscal 2010. This bargain purchase was attributable to the distressed status of Penn Traffic due to poor historical operating results, which led to its November 2009 bankruptcy filing.

Loss on Debt Extinguishment

On January 29, 2010, we entered into a $25.0 million bridge loan and an $11.0 million term loan, and capitalized related financing costs. As both the bridge loan and term loan were repaid in full on February 12, 2010 with the proceeds from the issuance of the additional $75.0 million of Senior Notes, unamortized costs of $0.7 and $0.3 million, respectively, were recorded as a loss on debt extinguishment in our condensed consolidated statement of operations for the 28-week period ended July 17, 2010.

Interest Expense, Net

The $1.1 million increase in interest expense during the 28-week period ended July 16, 2011 compared with the 28-week period ended July 17, 2010 was primarily attributable to incremental interest expense related to the $75.0 million Senior Notes issued on February 12, 2010 that were outstanding for only a portion of the 28-week period ended July 17, 2010.

Income Tax (Expense) Benefit

The income tax benefit for the 28-week period ended July 17, 2010 was primarily attributable to the reversal of $10.3 million of the valuation allowance established in Fiscal 2009. The reversal of the valuation allowance was the result of recording a deferred tax liability that resulted from the bargain purchase associated with the Acquisition. The timing of taxable income resulting from the amortization of the gain for tax purposes provides sufficient future taxable income to support the future deductibility of our deferred tax assets. The overall effective tax rate was 63.3%. The effective tax rate would have been 40.1% without the impact of adjustments to the valuation allowance, the bargain purchase, and discrete charges.

Net Loss

Our net loss improved to $1.8 million during the 28-week period ended July 16, 2011 compared with $5.6 million during the 28-week period ended July 17, 2010. The change in net loss was attributable to the factors discussed above.

LIQUIDITY AND CAPITAL RESOURCES

On October 9, 2009, we issued $275.0 million of Senior Notes, bearing annual interest of 10.125%. We received proceeds from the Senior Notes issuance, net of a $4.5 million original issue discount, of $270.5 million. The Senior Notes mature October 15, 2015 and require semi-annual interest payments on April 15 and October 15. The Senior Notes are collateralized by (i) first-priority interests, subject to certain exceptions, in our warehouse distribution facility in Lancaster, New York, certain owned real property acquired by us following the issue date of the Senior Notes, intellectual property, equipment, stock of subsidiaries and substantially all of our other assets (other than leasehold interests in real property), other than assets securing the ABL Facility (as defined below) on a first priority basis (collectively, the “Notes Priority Collateral”), and (ii) second-priority interests, subject to certain exceptions and permitted liens, in our assets that secure the ABL Facility on a first-priority basis, including present and future receivables, inventory, prescription lists, deposit accounts and certain related rights and proceeds relating thereto (collectively, the “ABL Priority Collateral”).

Also effective October 9, 2009, we entered into the ABL Facility that expires on October 9, 2013. The ABL Facility allowed a maximum borrowing capacity of $70.0 million, including a sub-limit for the issuance of letters of credit, subject to a borrowing base calculation. The ABL Facility was amended on January 29, 2010 to increase the maximum borrowing capacity to $100.0 million. As of July 16, 2011, the unused commitment under the ABL Facility was $60.3 million, after giving effect to $14.2 million of letters of credit outstanding thereunder. Revolving loans under the ABL Facility will, at our option, bear interest at either i) LIBOR plus a margin of 350 to 400 basis points, determined based on levels of borrowing availability, or ii) the prime rate plus a margin of 250 to 300 basis points, determined based on levels of borrowing availability. The ABL Facility is collateralized primarily by (i) first-priority interests, subject to certain exceptions, in the ABL Priority Collateral and (ii) second-priority interests, subject to certain exceptions, in the Notes Priority Collateral.

On January 29, 2010, we completed the acquisition of substantially all assets and certain liabilities of Penn Traffic and its subsidiaries, including Penn Traffic’s 79 retail supermarkets. In addition to cash consideration of $85.0 million paid to Penn Traffic, we recorded $23.3 million of integration costs and $2.1 million of legal expenses associated with the FTC’s review of the acquired supermarkets during the fiscal year ended January 1, 2011, and $5.3 million and $1.1 million of transaction costs during the fiscal years ended January 1, 2011 and January 2, 2010, respectively. We sold certain of the acquired assets for $20.8 million during the fiscal year ended January 1, 2011.

On February 12, 2010, we issued an additional $75.0 million of Senior Notes on the same terms as the October 2009 issuance. We received proceeds of $76.1 million from this issuance, including a $1.1 million original issue premium. The proceeds were used, in part, to repay in full short-term borrowings that were entered into in order to finance the Acquisition. We incurred $4.7 million of financing costs related to the additional Senior Notes issuance, which were capitalized in other assets in our consolidated balance sheet during the fiscal year ended January 1, 2011.

The Senior Notes and ABL Facility contain customary affirmative and negative covenants, including restrictions on indebtedness, liens, type of business, acquisitions, investments, sale or transfer of assets, payment of dividends, transactions involving affiliates, change in control and other matters customarily restricted in such agreements. Failure to meet any of these covenants would be an event of default. As of July 16, 2011, we were in compliance with all such covenants.

On January 29, 2010, we received $30.0 million of proceeds from the issuance of 44,776 shares of common stock to certain shareholders of Holding.

On July 26, 2010, we paid a dividend to our shareholders totaling $30.0 million, or $207.22 per share of common stock outstanding.

Our primary sources of cash are cash flows generated from our operations and borrowings under our ABL Facility. We believe that these sources will be sufficient to meet working capital requirements, anticipated capital expenditures and scheduled debt payments for at least the next twelve months. Our ability to satisfy debt service obligations, to fund planned capital expenditures and to make acquisitions will depend upon our future operating performance, which will be affected by prevailing economic conditions in the grocery industry and financial, business, and other factors, some of which are beyond our control. Several of the factors affecting our future financial performance are discussed below and in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended January 1, 2011.

Cash Flows Information

The following is a summary of cash provided by or used in each of the indicated types of activities:

(Dollars in thousands)


	28-week periods ended
	July 16, 2011			July 17, 2010
Cash provided by (used in):
Operating activities	$	35,054		$	25,285
Investing activities		(25,258	)		(86,599	)
Financing activities		(8,579	)		82,669

Cash provided by operating activities during the 28-week period ended July 16, 2011 increased $9.8 million compared with the 28-week period ended July 17, 2010 due to a $28.8 million increase in earnings, adjusted for non-cash income and expenses. Operating cash flows for the 28-week period ended July 17, 2010 included $21.0 million of integration costs and one-time legal and professional fee cash expenditures related to the Acquisition. Changes in operating assets and liabilities represented a use of cash from operating activities of $5.9 million during the 2011 period, compared to a source of cash of $13.1 million during the 2010 period. This period-over-period change was primarily attributable to the timing of vendor payments and the resulting changes in accounts payable during the respective periods.

Cash used in investing activities during the 28-week period ended July 16, 2011 decreased $61.3 million compared with the 28-week period ended July 17, 2010, primarily due to cash consideration paid in connection with the Acquisition during the 28-week period ended July 17, 2010, net of proceeds from the subsequent divestiture of certain acquired assets. Cash paid for property and equipment totaled $25.9 million and $19.1 million during the 2011 and 2010 periods, respectively. We expect to invest approximately $40 million in capital expenditures during the next twelve months.

Cash (used in) provided by financing activities changed $91.2 million during the 28-week period ended July 16, 2011 compared with the 28-week period ended July 17, 2010 as a result of the issuance of an additional $75.0 million of Senior Notes and the proceeds of $30.0 million from the issuance of additional common shares during the 28-week period ended July 17, 2010. This was partially offset by the change in net borrowings and repayments related to the ABL Facility, as well as $5.3 million of deferred financing costs incurred during the 2010 period.

Multiemployer Pension Plans

We contribute to the United Food and Commercial Workers District Union Local One (“Local One”) Plan, a defined benefit multiemployer pension plan, under our collective bargaining agreements with Local One. The Local One Plan generally provides retirement benefits to participants based on their service to contributing employers. During the 28-week periods ended July 16, 2011 and July 17, 2010, we made contributions of $4.9 million and $4.5 million, respectively, to the Local One Plan.

We are required to increase our annual contributions to the Local One Plan pursuant to our collective bargaining agreements and the Local One Plan’s rehabilitation plan. We are also contingently liable for withdrawal liability in the event that we withdraw from the Local One Plan. In accordance with applicable accounting rules, our contingent withdrawal liability is not included in our condensed consolidated financial statements. We have no present intention to withdraw from the Local One Plan. For more information on future increases in our annual contribution rates and our contingent withdrawal liability, see the discussion of risk factors in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended January 1, 2011.

In addition, at the time our supply arrangement was entered into with C&S, certain of our warehouse personnel became employees of C&S, with C&S assuming our obligations under several multiemployer pension plans. Although we are not a sponsoring employer of, and make no contribution payments to any of these multiemployer pension plans, we have certain contractual indemnification obligations for withdrawal liability that may arise in the event of C&S’s withdrawal from such plans. According to estimates of the actuary for the multiemployer plan for which we indemnify C&S, the withdrawal liability for a withdrawal from such plans in 2011 would be $130.6 million.

Off-Balance Sheet Arrangements

Other than the operating leases and multiemployer pension liabilities previously discussed, we are not a party to any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on our financial condition, net sales, expenses, results of operations, liquidity, capital expenditures or capital resources.

Inflation

Product cost inflation could vary from our estimates due to general economic conditions, weather, availability of raw materials and ingredients in the products that we sell and their packaging, and other factors beyond our control.

CRITICAL ACCOUNTING POLICIES

Our financial statements are prepared in accordance with GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reported periods. Our audited consolidated financial statements as of January 1, 2011 include a description of certain critical accounting policies, including those related to vendor allowances, inventory valuation, valuation of tradename, valuation of long-lived assets, acquisition accounting, leases, self-insurance programs and income taxes.

Recent Accounting Pronouncements—Not Yet Adopted

In June 2011, the FASB issued ASU No. 2011-05. ASU No. 2011-05 provides companies two choices for presenting net income and comprehensive income: in a single continuous statement, or in two separate, but consecutive statements. Presenting comprehensive income in the statement of equity is no longer an option. ASU No. 2011-05 is effective for us beginning in the fiscal year ending December 29, 2012 and is not expected to have a material impact on our consolidated financial statements as it only changes the disclosures surrounding comprehensive income.


ITEM 3.		QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We do not utilize financial instruments for trading or other speculative purposes, nor do we utilize leveraged financial instruments.

We use derivative financial instruments from time to time primarily to manage our exposure to fluctuations in interest rates and, to a lesser extent, adverse fluctuations in commodity prices and other market risks. As a matter of policy, all of our derivative positions are intended to reduce risk by hedging an underlying economic exposure. Because of the high correlation between the hedging instrument and the underlying exposure, fluctuations in the value of the instruments generally are offset by reciprocal changes in the value of the underlying exposure.

At times, we manage our exposure to interest rates and changes in the fair value of our debt instruments primarily through the strategic use of variable and fixed rate debt, and interest rate swaps. As of July 16, 2011, we did not have any outstanding interest rate swaps designated as fair value or cash flow hedges.

The table below provides information about our underlying debt portfolio. The amounts shown for each year represent the contractual maturities of long-term debt, excluding capital leases, as of July 16, 2011. Interest rates reflect the weighted average rate for the outstanding instruments. The variable component of each variable rate debt instrument is based on the weighted average of LIBOR using the forward yield curve and the prime rate as of July 16, 2011. The Fair Value column includes the fair value of our debt instruments as of July 16, 2011. For more information, refer to Note 1 of our condensed consolidated financial statements.

(Dollars in thousands)


	Expected Fiscal Year of Maturity
	Remainder
	of 2011			2012			2013			2014			2015			Thereafter		Fair Value
Debt:
Fixed rate	$	177		$	434		$	2,295		$	280		$	350,165		$	—	$	395,094
Average interest rate		7.1	%		7.1	%		3.5	%		7.1	%		10.1	%		N/A

Variable rate	$	—		$	—		$	12,500		$	—		$	—		$	—	$	12,500
Average interest rate		N/A			N/A			4.79	%		N/A			N/A			N/A

COMMODITY PRICE RISK

We purchase products that are impacted by commodity prices and are therefore subject to price volatility caused by weather, market conditions and other factors, which are not considered predictable or within our control.


ITEM 4.		CONTROLS AND PROCEDURES

As of July 16, 2011, the Chief Executive Officer and the Chief Financial Officer, together with certain designated members of the finance and accounting organization, evaluated the Company’s disclosure controls and procedures. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of July 16, 2011.

Changes in Internal Control over Financial Reporting

No change in our internal control over financial reporting occurred during the 28-week period ended July 16, 2011 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II — OTHER INFORMATION


ITEM 1.		LEGAL PROCEEDINGS

The Company is subject to various legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. The Company is also subject to certain environmental claims. While the outcome of these claims cannot be predicted with certainty, management does not believe that the outcome of any of these legal matters will have a material adverse effect on our consolidated results of operations, financial position or cash flows.


ITEM 1A.		RISK FACTORS

There are no material changes from risk factors for the Company disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended January 1, 2011.


ITEM 6.		EXHIBITS


Exhibit No.

31.1				Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2				Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1				Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2				Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101				The following financial information from the quarterly report on Form 10-Q of Tops Holding Corporation for the quarter ended July 16, 2011, formatted in XBRL (Extensible Business Reporting Language):
				(i) Condensed Consolidated Statements of Operations, (ii) Condensed Consolidated Balance Sheets, (iii) Condensed Consolidated Statements of Cash Flows, and (iv) Notes to the Condensed Consolidated Financial Statements.

SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TOPS HOLDING CORPORATION



By:		/s/ William R. Mills
		William R. Mills
		Senior Vice President, Chief Financial Officer
		August 29, 2011

EX-31.1 2 c21807exv31w1.htm EXHIBIT 31.1 Exhibit 31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002

Certification

I, Frank Curci, certify that:

1.		I have reviewed this Quarterly Report on Form 10-Q of Tops Holding Corporation;

2.		Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.		Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

4.		The Company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

	a)		designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)		designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)		evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)		disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the Company’s most recent fiscal quarter (the Company’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

The Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’s board of directors (or persons performing the equivalent functions):

	a)		all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and

	b)		any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting.


Date: August 29, 2011

/s/ Frank Curci
Frank Curci
President, Chief Executive Officer and Director

EX-31.2 3 c21807exv31w2.htm EXHIBIT 31.2 Exhibit 31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002

Certification

I, William R. Mills certify that:

I have reviewed this Quarterly Report on Form 10-Q of Tops Holding Corporation;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

The Company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the Company’s most recent fiscal quarter (the Company’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and

any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting.


Date: August 29, 2011

/s/ William R. Mills
William R. Mills
Senior Vice President, Chief Financial Officer

EX-32.1 4 c21807exv32w1.htm EXHIBIT 32.1 Exhibit 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The certification set forth below is being submitted in connection with the Quarterly Report on Form 10-Q of Tops Holding Corporation (the “Company”) for the 28-week period ended July 16, 2011 (the “Report”) pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

I, Frank Curci, President, Chief Executive Officer and Director of the Company, certify, to the best of my knowledge, that on the date hereof:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ Frank Curci
Frank Curci
President, Chief Executive Officer and Director
August 29, 2011

EX-32.2 5 c21807exv32w2.htm EXHIBIT 32.2 Exhibit 32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, William R. Mills, Senior Vice President, Chief Financial of the Company, certify, to the best of my knowledge, that on the date hereof:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ William R. Mills
William R. Mills
Senior Vice President, Chief Financial Officer
August 29, 2011

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<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 0pt"><b></b> </div> <div align="left"> </div> <div align="justify" style="font-size: 10pt; margin-top: 0pt"><u><b></b></u> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>1. DESCRIPTION OF THE COMPANY AND BASIS OF PRESENTATION</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>The Company</i></b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Tops Holding Corporation (“Holding” or “Company”) is the parent of Tops Markets, LLC (“Tops” or “Tops Markets”). Holding was incorporated on October 5, 2007 and commenced operations on December 1, 2007. Holding is owned by various funds affiliated with Morgan Stanley Private Equity, an affiliate of Morgan Stanley & Co., Incorporated (“Morgan Stanley”), HSBC Private Equity Partners (“HSBC”), two minority investors and a company employee. Holding has no other business operations as its sole purpose is the ownership of Tops Markets. Tops operates as a food retailer in Upstate New York and Northern Pennsylvania under the banner <i>Tops.</i> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">On January 29, 2010, the Company completed the acquisition (the “Acquisition”) of substantially all assets and certain liabilities of The Penn Traffic Company (“Penn Traffic”) and its subsidiaries, including Penn Traffic’s 79 retail supermarkets, in exchange for cash consideration of $85.0 million. Twenty-four of the acquired supermarkets were closed or sold during 2010. In August 2010, the Federal Trade Commission (“FTC”) issued a Proposed Order that would require Tops to sell seven of the retained supermarkets. On June 30, 2011, the FTC approved a modified Final Order requiring the sale of the seven supermarkets and the retention by the Company of a divestiture trustee to market the supermarkets subject to the Final Order. Also on June 30, 2011, the FTC approved the application by Tops to sell three of these supermarkets to Hometown Markets, LLC (“Hometown Markets”). The sale of these supermarkets closed in late July and early August 2011. As of August 29, 2011, the Company operates 52 of the 79 acquired supermarkets under the banners of <i>Tops, P&C and Quality Markets. </i>Net sales and operating loss for the seven supermarkets subject to the Final Order were $13.7 million and $1.6 million, respectively, during the 12-week period ended July 16, 2011, and $30.9 million and $1.7 million, respectively, during the 28-week period ended July 16, 2011. As of August 29, 2011, the Company operates 125 corporate retail supermarkets with an additional 5 franchise supermarkets. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Accounting Policies</i></b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The summary of significant accounting policies is included in Note 1 to the audited consolidated financial statements of Tops Holding Corporation for the fiscal year ended January 1, 2011, which appear in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 31, 2011. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Basis of Presentation and Principles of Consolidation</i></b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the requirements for Form 10-Q, and do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. The condensed consolidated financial statements include the accounts of the Company and all of its subsidiaries. All intercompany transactions have been eliminated. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company’s condensed consolidated financial statements for the 12 and 28-week periods ended July 16, 2011 and July 17, 2010 are unaudited, and, in the opinion of management, contain all adjustments that are of a normal and recurring nature necessary for a fair statement of financial position and results of operations for such periods. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The allocation of the purchase price to the assets acquired and liabilities assumed from the Acquisition previously presented for the 28-week period ended July 17, 2010 has been retrospectively adjusted to reflect final acquisition accounting adjustments made during the fiscal year ended January 1, 2011. See Note 2 to the audited consolidated financial statements of Tops Holding Corporation for the fiscal year ended January 1, 2011 for a summary of the final purchase price allocation. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Segments</i></b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company operates 125 corporate retail supermarkets with an additional 5 franchise supermarkets, which offer grocery, produce, frozen, dairy, meat, floral, seafood, health and beauty care, general merchandise, deli and bakery goods. As of July 16, 2011, 79 of the supermarkets offered pharmacy services and 38 fuel centers were in operation. Across all 125 corporate retail supermarkets, the Company operates one format where each supermarket offers the same general mix of products with similar pricing to similar categories of customers. The Company has concluded that each individual supermarket is an operating segment. The Company’s retail operations, which represent substantially all of the Company’s consolidated sales, earnings and total assets, are its only reportable segment. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt">These 125 operating segments have been aggregated into one reportable segment because, in the Company’s judgment, the operating segments have similar historical economic characteristics and are expected to have similar economic characteristics and long-term financial performance in the future. The principal measures and factors considered in determining whether the economic characteristics are similar are gross margin percentage, capital expenditures, competitive risks and employee labor agreements. In addition, each operating segment has similar products and types of customers, similar methods of distribution and a similar regulatory environment. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The following table presents sales revenue by type of similar product (dollars in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="20%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="14" style="border-bottom: 1px solid #000000">12-week periods ended</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="14" style="border-bottom: 1px solid #000000">28-week periods ended</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">July 16, 2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">July 17, 2010</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">July 16, 2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">July 17, 2010</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">% of</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">% of</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">% of</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">% of</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Amount</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Amount</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Amount</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Amount</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Non-perishables<sup style="font-size: 85%; vertical-align: text-top">(1)</sup> </div></td> <td> </td> <td align="left">$</td> <td align="right">308,003</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">55.0</td> <td nowrap="nowrap">%</td> <td> </td> <td align="left">$</td> <td align="right">307,903</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">56.8</td> <td nowrap="nowrap">%</td> <td> </td> <td align="left">$</td> <td align="right">718,213</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">56.2</td> <td nowrap="nowrap">%</td> <td> </td> <td align="left">$</td> <td align="right">695,517</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">57.6</td> <td nowrap="nowrap">%</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Perishables<sup style="font-size: 85%; vertical-align: text-top">(2)</sup> </div></td> <td> </td> <td> </td> <td align="right">155,393</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">27.8</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">154,236</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">28.5</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">344,051</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">26.9</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">330,147</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">27.4</td> <td nowrap="nowrap">%</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Fuel </div></td> <td> </td> <td> </td> <td align="right">52,127</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">9.3</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">34,834</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">6.4</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">110,493</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">8.7</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">75,882</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">6.3</td> <td nowrap="nowrap">%</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Pharmacy </div></td> <td> </td> <td> </td> <td align="right">40,211</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">7.2</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">41,338</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">7.6</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">95,305</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">7.5</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">97,353</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">8.1</td> <td nowrap="nowrap">%</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Other<sup style="font-size: 85%; vertical-align: text-top">(3)</sup> </div></td> <td> </td> <td> </td> <td align="right">3,780</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">0.7</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">3,522</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">0.7</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">8,711</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">0.7</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">7,949</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">0.6</td> <td nowrap="nowrap">%</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left">$</td> <td align="right">559,514</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">100.0</td> <td nowrap="nowrap">%</td> <td> </td> <td align="left">$</td> <td align="right">541,833</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">100.0</td> <td nowrap="nowrap">%</td> <td> </td> <td align="left">$</td> <td align="right">1,276,773</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">100.0</td> <td nowrap="nowrap">%</td> <td> </td> <td align="left">$</td> <td align="right">1,206,848</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">100.0</td> <td nowrap="nowrap">%</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr style="font-size: 6pt"> <td width="3%"> </td> <td width="1%"> </td> <td width="96%"> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(1)</td> <td> </td> <td> <div style="text-align: justify">Non-perishables consist of grocery, dairy, frozen, general merchandise, health and beauty care and other non-perishable related products. </div></td> </tr> <tr style="font-size: 3pt"> <td> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(2)</td> <td> </td> <td> <div style="text-align: justify">Perishables consist of produce, meat, seafood, bakery, deli, floral, prepared foods and other perishable related products. </div></td> </tr> <tr style="font-size: 3pt"> <td> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">(3)</td> <td> </td> <td> <div style="text-align: justify">Other primarily consists of franchise income and service commission income, including lottery, money orders and money transfers. </div></td> </tr> </table> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Use of Estimates</i></b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s condensed consolidated financial statements and notes thereto. The most significant estimates used by management are related to the accounting for vendor allowances, valuation of long-lived assets including intangible assets, acquisition accounting, lease classification, self-insurance reserves, inventory valuation, and income taxes. Actual results could differ from these estimates. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Fair Value of Financial Instruments</i></b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The provisions of FASB Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures” establish a framework for measuring fair value and a hierarchy that categorizes and prioritizes the sources to be used to estimate fair value as follows: </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Level 1 — observable inputs such as quoted prices in active markets; </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Level 2 — inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs); and </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Level 3 — unobservable inputs that reflect the Company’s determination of assumptions that market participants would use in pricing the asset or liability. These inputs are developed based on the best information available, including the Company’s own data. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The carrying amount of the Company’s cash and cash equivalents at July 16, 2011 represents fair value as it includes cash on deposit with commercial banks. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The fair value of the Company’s senior secured notes is based on quoted market prices. At July 16, 2011, the fair value of total debt excluding capital leases was $407.6 million, compared to a carrying value of $363.2 million. At January 1, 2011, the fair value of total debt excluding capital leases was $408.4 million, compared to a carrying value of $365.7 million. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>2. RECENT ACCOUNTING PRONOUNCEMENTS</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">In June 2011, the FASB issued Accounting Standards Update No. 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income” (“ASU No. 2011-05”). ASU No. 2011-05 provides companies two choices for presenting net income and comprehensive income: in a single continuous statement, or in two separate, but consecutive statements. Presenting comprehensive income in the statement of equity is no longer an option. ASU No. 2011-05 is effective for the company beginning in the fiscal year ending December 29, 2012 and is not expected to have a material impact on the Company’s consolidated financial statements as it only changes the disclosures surrounding comprehensive income. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>3. INTANGIBLE ASSETS, NET</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Intangible assets, net of accumulated amortization, consist of the following (dollars in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="44%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Weighted</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Gross</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Net</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Average</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Carrying</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Accumulated</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Carrying</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Amortization</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000">July 16, 2011</td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Amount</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Amortization</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Amount</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Period</td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><i>Acquired Penn Traffic intangible assets:</i> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Favorable/unfavorable lease rights </div></td> <td> </td> <td align="left">$</td> <td align="right">7,023</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(1,451</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">5,572</td> <td> </td> <td> </td> <td> </td> <td align="right">7.9</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Tradenames </div></td> <td> </td> <td> </td> <td align="right">4,200</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,131</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">3,069</td> <td> </td> <td> </td> <td> </td> <td align="right">8.5</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Customer relationships </div></td> <td> </td> <td> </td> <td align="right">1,700</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(461</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">1,239</td> <td> </td> <td> </td> <td> </td> <td align="right">11.0</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><i>Other intangible assets:</i> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Tradename </div></td> <td> </td> <td> </td> <td align="right">41,011</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">41,011</td> <td> </td> <td> </td> <td colspan="3" align="center">Indefinite life</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Customer relationships </div></td> <td> </td> <td> </td> <td align="right">26,051</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(17,146</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">8,905</td> <td> </td> <td> </td> <td> </td> <td align="right">8.0</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Favorable/unfavorable lease rights </div></td> <td> </td> <td> </td> <td align="right">14,369</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(7,768</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">6,601</td> <td> </td> <td> </td> <td> </td> <td align="right">9.3</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Franchise agreements </div></td> <td> </td> <td> </td> <td align="right">11,538</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,807</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">7,731</td> <td> </td> <td> </td> <td> </td> <td align="right">11.0</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Other </div></td> <td> </td> <td> </td> <td align="right">406</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(187</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">219</td> <td> </td> <td> </td> <td> </td> <td align="right">4.0</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left">$</td> <td align="right">106,298</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(31,951</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">74,347</td> <td> </td> <td> </td> <td> </td> <td align="right">9.0</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="58%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Gross</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Net</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Carrying</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Accumulated</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Carrying</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000">January 1, 2011</td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Amount</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Amortization</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Amount</td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><i>Acquired Penn Traffic intangible assets:</i> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Favorable/unfavorable lease rights </div></td> <td> </td> <td align="left">$</td> <td align="right">7,023</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(899</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">6,124</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Tradenames </div></td> <td> </td> <td> </td> <td align="right">4,200</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(700</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">3,500</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Customer relationships </div></td> <td> </td> <td> </td> <td align="right">1,700</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(300</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">1,400</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><i>Other intangible assets:</i> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Tradename </div></td> <td> </td> <td> </td> <td align="right">41,011</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">41,011</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Customer relationships </div></td> <td> </td> <td> </td> <td align="right">26,051</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(14,931</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">11,120</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Favorable/unfavorable lease rights </div></td> <td> </td> <td> </td> <td align="right">14,369</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(7,003</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">7,366</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Franchise agreements </div></td> <td> </td> <td> </td> <td align="right">11,538</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,242</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">8,296</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Other </div></td> <td> </td> <td> </td> <td align="right">497</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(242</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">255</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left">$</td> <td align="right">106,389</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(27,317</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">79,072</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The <i>Tops </i>tradename is reviewed for impairment annually or more frequently if impairment indicators arise. Based on the Company’s assessment, no impairment was recorded during the 28-week periods ended July 16, 2011 and July 17, 2010. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">During the 12-week periods ended July 16, 2011 and July 17, 2010, amortization expense was $2.0 million and $2.4 million, respectively. During the 28-week periods ended July 16, 2011 and July 17, 2010, amortization expense was $4.7 million and $5.4 million, respectively. Such amortization is included in administrative expenses in the condensed consolidated statements of operations. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">As of July 16, 2011, expected future amortization of intangible assets is as follows (dollars in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="86%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">2011 (remaining period) </div></td> <td> </td> <td align="left">$</td> <td align="right">3,875</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">2012 </div></td> <td> </td> <td> </td> <td align="right">6,857</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">2013 </div></td> <td> </td> <td> </td> <td align="right">6,012</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">2014 </div></td> <td> </td> <td> </td> <td align="right">5,212</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">2015 </div></td> <td> </td> <td> </td> <td align="right">3,977</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Thereafter </div></td> <td> </td> <td> </td> <td align="right">7,403</td> <td> </td> </tr>  </table> </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>4. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Accrued expenses and other current liabilities consist of the following (dollars in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="72%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">July 16, 2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">January 1, 2011</td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Wages, taxes and benefits </div></td> <td> </td> <td align="left">$</td> <td align="right">17,039</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">18,918</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Lottery </div></td> <td> </td> <td> </td> <td align="right">9,674</td> <td> </td> <td> </td> <td> </td> <td align="right">10,083</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Interest payable </div></td> <td> </td> <td> </td> <td align="right">9,111</td> <td> </td> <td> </td> <td> </td> <td align="right">8,318</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Property and equipment expenditures </div></td> <td> </td> <td> </td> <td align="right">6,018</td> <td> </td> <td> </td> <td> </td> <td align="right">6,107</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Sales and use tax </div></td> <td> </td> <td> </td> <td align="right">4,950</td> <td> </td> <td> </td> <td> </td> <td align="right">2,101</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Self-insurance reserves </div></td> <td> </td> <td> </td> <td align="right">4,013</td> <td> </td> <td> </td> <td> </td> <td align="right">1,406</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Utilities </div></td> <td> </td> <td> </td> <td align="right">3,617</td> <td> </td> <td> </td> <td> </td> <td align="right">2,980</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Money orders </div></td> <td> </td> <td> </td> <td align="right">3,029</td> <td> </td> <td> </td> <td> </td> <td align="right">3,651</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Gift cards </div></td> <td> </td> <td> </td> <td align="right">2,508</td> <td> </td> <td> </td> <td> </td> <td align="right">4,271</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Union medical, pension and 401(k) </div></td> <td> </td> <td> </td> <td align="right">2,454</td> <td> </td> <td> </td> <td> </td> <td align="right">4,598</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Repairs and maintenance </div></td> <td> </td> <td> </td> <td align="right">2,125</td> <td> </td> <td> </td> <td> </td> <td align="right">2,054</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Vacation </div></td> <td> </td> <td> </td> <td align="right">1,925</td> <td> </td> <td> </td> <td> </td> <td align="right">1,110</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Professional and legal fees </div></td> <td> </td> <td> </td> <td align="right">1,531</td> <td> </td> <td> </td> <td> </td> <td align="right">3,640</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Advertising </div></td> <td> </td> <td> </td> <td align="right">702</td> <td> </td> <td> </td> <td> </td> <td align="right">1,920</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Other </div></td> <td> </td> <td> </td> <td align="right">7,486</td> <td> </td> <td> </td> <td> </td> <td align="right">7,966</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left">$</td> <td align="right">76,182</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">79,123</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>5. DEBT</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Long-term debt is comprised of the following (dollars in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="72%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">July 16, 2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">January 1, 2011</td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Senior Notes </div></td> <td> </td> <td align="left">$</td> <td align="right">350,000</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">350,000</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Discount on Senior Notes, net </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2,700</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2,914</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">ABL Facility </div></td> <td> </td> <td> </td> <td align="right">12,500</td> <td> </td> <td> </td> <td> </td> <td align="right">15,000</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Other loans </div></td> <td> </td> <td> </td> <td align="right">2,302</td> <td> </td> <td> </td> <td> </td> <td align="right">2,400</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Mortgage note payable </div></td> <td> </td> <td> </td> <td align="right">1,049</td> <td> </td> <td> </td> <td> </td> <td align="right">1,178</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Total debt </div></td> <td> </td> <td> </td> <td align="right">363,151</td> <td> </td> <td> </td> <td> </td> <td align="right">365,664</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Current portion </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(420</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(402</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Total long-term debt </div></td> <td> </td> <td align="left">$</td> <td align="right">362,731</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">365,262</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">On October 9, 2009, the Company issued $275.0 million of senior secured notes, bearing interest of 10.125% (the “Senior Notes”). The Company received proceeds from the Senior Notes issuance, net of a $4.5 million original issue discount, of $270.5 million. The Senior Notes mature October 15, 2015 and require semi-annual interest payments on April 15 and October 15. The Senior Notes are collateralized by (i) first-priority interests, subject to certain exceptions, in the Company’s warehouse distribution facility in Lancaster, New York, certain owned real property acquired by the Company, Tops Markets and the guarantors, Tops PT, LLC and Tops Gift Card Company, LLC, following the issue date of the Senior Notes, intellectual property, equipment, stock of subsidiaries and substantially all other assets of the Company, Tops Markets and the guarantors (other than leasehold interests in real property), other than assets securing the Company’s asset-based lending facility (the “ABL Facility”) on a first priority basis (collectively, the “Notes Priority Collateral”), and (ii) second-priority interests, subject to certain exceptions and permitted liens, in the assets of the Company, Tops Markets and the guarantors that secure the ABL Facility on a first-priority basis, including present and future receivables, inventory, prescription lists, deposit accounts and certain related rights and proceeds relating thereto (collectively, the “ABL Priority Collateral”). </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Also effective October 9, 2009, the Company entered into a revolving ABL Facility that expires on October 9, 2013. The ABL Facility allowed a maximum borrowing capacity of $70.0 million, including a sub-limit for the issuance of letters of credit, subject to a borrowing base calculation. The ABL Facility was amended on January 29, 2010 to increase its borrowing capacity by up to $41.0 million, consisting of an increase in the amount available under the revolving credit facility of $30.0 million and a term loan of $11.0 million, in each case subject to a borrowing base calculation. The term loan was repaid in full with the proceeds from the $75.0 million of Senior Notes issued on February 12, 2010, as further described below. Based upon the borrowing base calculation as of July 16, 2011, the unused commitment under the ABL Facility was $60.3 million, after giving effect to $14.2 million of letters of credit outstanding thereunder. Revolving loans under the ABL Facility will, at the Company’s option, bear interest at either i) LIBOR plus a margin of 350 to 400 basis points, determined based on levels of borrowing availability, or ii) the prime rate plus a margin of 250 to 300 basis points, determined based on levels of borrowing availability. The ABL Facility is collateralized primarily by (i) first-priority interests, subject to certain exceptions, in the ABL Priority Collateral and (ii) second-priority interests, subject to certain exceptions, in the Notes Priority Collateral. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The proceeds from the Senior Notes and ABL Facility were utilized to repay the outstanding debt related to the Company’s previous senior secured credit facility and its warehouse mortgage, pay a $105.0 million dividend to the Company’s shareholders, settle the Company’s outstanding interest rate swap arrangement, and pay fees and expenses related to the financing transactions. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">On February 12, 2010, the Company issued the additional $75.0 million of Senior Notes on the same terms as the October 2009 issuance. The Company received proceeds of $76.1 million from this issuance, including a $1.1 million original issue premium. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The Senior Notes and ABL Facility contain customary affirmative and negative covenants, including restrictions on indebtedness, liens, type of business, acquisitions, investments, sale or transfer of assets, payment of dividends, transactions involving affiliates, and change in control. Failure to meet any of these covenants would be an event of default. As of July 16, 2011, the Company was in compliance with all such covenants. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>6. INCOME TAXES</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Income tax (expense) benefit was as follows (dollars in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="44%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">12-week periods ended</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">28-week periods ended</td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">July 16, 2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">July 17, 2010</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">July 16, 2011</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">July 17, 2010</td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Current </div></td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(214</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(20</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(589</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Deferred </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(318</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(665</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">10,288</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(318</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(214</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(685</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">9,699</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The income tax expense for the 12-week period ended July 16, 2011 reflects the establishment of additional valuation allowance against net deferred tax assets during the period. The overall effective tax rate was 52.0%. The effective tax rate would have been 35.6% without the impact of the additional valuation allowance and discrete charges. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The income tax expense for the 12-week period ended July 17, 2010 reflects the establishment of additional valuation allowance against net deferred tax assets during the period. The overall effective tax rate was (2.5)%. The effective tax rate would have been 40.1% without the impact of the additional valuation allowance and discrete charges. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The income tax expense for the 28-week period ended July 16, 2011 reflects the establishment of additional valuation allowance against net deferred tax assets during the period. The overall effective tax rate was (61.7)%. The effective tax rate would have been 33.9% without the impact of the additional valuation allowance and discrete charges. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The income tax benefit for the 28-week period ended July 17, 2010 was primarily attributable to the reversal of $10.3 million of the valuation allowance established in the fiscal year ended January 2, 2010. The reversal of the valuation allowance was the result of recording a deferred tax liability that resulted from the bargain purchase associated with the Acquisition. The timing of taxable income resulting from the amortization of the gain for tax purposes provides sufficient future taxable income to support the future deductibility of the Company’s deferred tax assets. The overall effective rate for the 28-week period ended July 17, 2010 was 63.3%. The effective tax rate would have been 40.1% without the impact of adjustments to the valuation allowance, the bargain purchase, and discrete charges. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>7. IMPAIRMENT</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">On June 30, 2011, the FTC approved an application by Tops to sell three supermarkets to Hometown Markets. The sale of these supermarkets closed in late July and early August 2011. As a result of the sale, the Company recorded a $1.9 million impairment within the condensed consolidated statements of operations for the 12 and 28-week periods ended July 16, 2011, representing the excess of the carrying value of assets over the sale price. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>8. RELATED PARTY TRANSACTIONS</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Tops Markets made a five-year loan to an executive for $0.2 million in connection with the executive’s relocation. During March 2010, the loan balance and related accrued interest was forgiven upon approval by the Company’s Board of Directors. Additionally, during July 2010, Tops reimbursed the executive for the personal tax impact of the loan forgiveness. This loan forgiveness and related tax reimbursement are included in administrative expenses in the condensed consolidated statement of operations for the 28-week period ended July 17, 2010, while the tax reimbursement is included in administrative expenses in the condensed consolidated statement of operations for the 12-week period ended July 17, 2010. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt">On January 29, 2010, the Company entered into a $25.0 million bridge loan with Morgan Stanley Senior Funding, Inc. (an affiliate of Morgan Stanley) and Banc of America Bridge LLC. Also on January 29, 2010, the Company received $30.0 million from the issuance of common shares to related parties. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Effective November 30, 2007, Holding entered into a Transaction and Monitoring Fee Agreement with Morgan Stanley and HSBC Bank. In consideration of certain services provided to Holding, the Company pays an annual monitoring fee of $0.8 million to Morgan Stanley and $0.2 million to HSBC, payable on a quarterly basis. During each of the 12-week periods ended July 16, 2011 and July 17, 2010, the Company paid $0.3 million related to this agreement. For each of the 28-week periods ended July 16, 2011 and July 17, 2010, the Company paid $0.5 million related to this agreement. These fees are included in administrative expenses in the condensed consolidated statements of operations. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>9. GUARANTOR FINANCIAL STATEMENTS</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The obligations of Holding and Tops Markets under the Senior Notes are jointly and severally, fully and unconditionally guaranteed by Tops Gift Card Company, LLC and Tops PT, LLC (the “Guarantor Subsidiaries”), both of which are wholly-owned subsidiaries of Tops Markets. Tops Gift Card Company, LLC was established in October 2008, while Tops PT, LLC was established in January 2010. Tops Markets is a joint issuer of the notes and is 100% owned by Holding. Separate financial statements of Holding, Tops Markets and of the Guarantor Subsidiaries are not presented as the guarantees are full and unconditional and the Guarantor Subsidiaries are jointly and severally liable. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The following supplemental financial information sets forth, on a condensed consolidating basis, balance sheets as of July 16, 2011 and January 1, 2011 for Holding and Tops Markets, the Guarantor Subsidiaries, and for the Company on a consolidated basis, the related statements of operations for the 12 and 28-week periods ended July 16, 2011 and July 17, 2010, and the related statements of cash flows for the 28-week periods ended July 16, 2011 and July 17, 2010. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">For purposes of the guarantor financial statements, the Company and its subsidiaries determine the applicable tax provision for each entity generally using the separate return method. Under this method, current and deferred taxes are allocated to each reporting entity as if it were to file a separate tax return. The rules followed by the reporting entity in computing its tax obligation or refund, including the effects of the alternative minimum tax, would be the same as those followed in filing a separate return with the Internal Revenue Service. However, for purposes of evaluating an entity’s ability to realize its tax attributes, the Company assesses whether it is more likely than not that those assets will be realized at the consolidated level. Any differences in the total of the income tax provision for Holding only and the Guarantor Subsidiaries, as calculated on the separate return method, and the consolidated income tax provision, are eliminated in consolidation. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 10pt"><b>TOPS HOLDING CORPORATION<br /> CONDENSED CONSOLIDATED BALANCE SHEET<br /> JULY 16, 2011</b><br /> (Dollars in thousands) </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="30%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Tops Holding</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Guarantor</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Corporation</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Tops Markets, LLC</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Eliminations</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Consolidated</td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Assets</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Current assets: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Cash and cash equivalents </div></td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">17,849</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">787</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">18,636</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Accounts receivable, net </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">43,747</td> <td> </td> <td> </td> <td> </td> <td align="right">11,830</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">55,577</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Intercompany receivables </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">3,326</td> <td> </td> <td> </td> <td> </td> <td align="right">9,296</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(12,622</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Inventory, net </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">80,730</td> <td> </td> <td> </td> <td> </td> <td align="right">38,150</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">118,880</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Prepaid expenses and other current assets </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">7,848</td> <td> </td> <td> </td> <td> </td> <td align="right">1,838</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">9,686</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Assets held for sale </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">600</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">600</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Income taxes refundable </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">203</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">203</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Current deferred tax assets </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">1,657</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">608</td> <td> </td> <td> </td> <td> </td> <td align="right">2,265</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total current assets </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">155,360</td> <td> </td> <td> </td> <td> </td> <td align="right">62,501</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(12,014</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">205,847</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Property and equipment, net </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">294,749</td> <td> </td> <td> </td> <td> </td> <td align="right">76,300</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">371,049</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Intangible assets, net </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">64,467</td> <td> </td> <td> </td> <td> </td> <td align="right">9,880</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">74,347</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Other assets </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">12,351</td> <td> </td> <td> </td> <td> </td> <td align="right">3,041</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,041</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">12,351</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Investment in subsidiaries </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(77,309</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">107,615</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(30,306</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total assets </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(77,309</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">634,542</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">151,722</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(45,361</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">663,594</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Liabilities and Shareholders’ (Deficit) Equity</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Current liabilities: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Accounts payable </div></td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">67,519</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">21,891</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">89,410</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Intercompany payables </div></td> <td> </td> <td> </td> <td align="right">3,326</td> <td> </td> <td> </td> <td> </td> <td align="right">9,296</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(12,622</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Accrued expenses and other current liabilities </div></td> <td> </td> <td> </td> <td align="right">882</td> <td> </td> <td> </td> <td> </td> <td align="right">60,795</td> <td> </td> <td> </td> <td> </td> <td align="right">15,249</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(744</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">76,182</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Current portion of capital lease obligations </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">11,759</td> <td> </td> <td> </td> <td> </td> <td align="right">333</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">12,092</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Current portion of long-term debt </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">420</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">420</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Current deferred tax liabilities </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">11</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(11</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total current liabilities </div></td> <td> </td> <td> </td> <td align="right">4,208</td> <td> </td> <td> </td> <td> </td> <td align="right">149,789</td> <td> </td> <td> </td> <td> </td> <td align="right">37,484</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(13,377</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">178,104</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Capital lease obligations </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">162,033</td> <td> </td> <td> </td> <td> </td> <td align="right">3,538</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">165,571</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Long-term debt </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">365,772</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,041</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">362,731</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Other long-term liabilities </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">16,707</td> <td> </td> <td> </td> <td> </td> <td align="right">3,156</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">19,863</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Non-current deferred tax liabilities </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">16,743</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(71</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(12,653</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">4,019</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total liabilities </div></td> <td> </td> <td> </td> <td align="right">4,208</td> <td> </td> <td> </td> <td> </td> <td align="right">711,044</td> <td> </td> <td> </td> <td> </td> <td align="right">44,107</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(29,071</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">730,288</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total shareholders’ (deficit) equity </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(81,517</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(76,502</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">107,615</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(16,290</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(66,694</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total liabilities and shareholders’ (deficit) equity </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(77,309</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">634,542</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">151,722</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(45,361</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">663,594</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 10pt"><b>TOPS HOLDING CORPORATION<br /> CONDENSED CONSOLIDATED BALANCE SHEET<br /> JANUARY 1, 2011</b><br /> (Dollars in thousands) </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="30%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Tops Holding</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Guarantor</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Corporation</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Tops Markets, LLC</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Eliminations</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Consolidated</td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Assets</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Current assets: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Cash and cash equivalents </div></td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">16,689</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">730</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">17,419</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Accounts receivable, net </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">43,696</td> <td> </td> <td> </td> <td> </td> <td align="right">13,348</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">57,044</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Intercompany receivables </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">2,850</td> <td> </td> <td> </td> <td> </td> <td align="right">13,091</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(15,941</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Inventory, net </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">80,060</td> <td> </td> <td> </td> <td> </td> <td align="right">37,268</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">117,328</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Prepaid expenses and other current assets </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">11,445</td> <td> </td> <td> </td> <td> </td> <td align="right">2,648</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">14,093</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Assets held for sale </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">650</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">650</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Income taxes refundable </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">200</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">200</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Current deferred tax assets </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">1,657</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">608</td> <td> </td> <td> </td> <td> </td> <td align="right">2,265</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total current assets </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">156,597</td> <td> </td> <td> </td> <td> </td> <td align="right">67,735</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(15,333</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">208,999</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Property and equipment, net </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">309,856</td> <td> </td> <td> </td> <td> </td> <td align="right">68,719</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">378,575</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Intangible assets, net </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">68,048</td> <td> </td> <td> </td> <td> </td> <td align="right">11,024</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">79,072</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Other assets </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">13,705</td> <td> </td> <td> </td> <td> </td> <td align="right">3,041</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,041</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">13,705</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Investment in subsidiaries </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(75,094</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">104,799</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(29,705</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total assets </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(75,094</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">653,005</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">150,519</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(48,079</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">680,351</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Liabilities and Shareholders’ (Deficit) Equity</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Current liabilities: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Accounts payable </div></td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">69,881</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">23,430</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">93,311</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Intercompany payables </div></td> <td> </td> <td> </td> <td align="right">2,850</td> <td> </td> <td> </td> <td> </td> <td align="right">13,091</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(15,941</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Accrued expenses and other current liabilities </div></td> <td> </td> <td> </td> <td align="right">544</td> <td> </td> <td> </td> <td> </td> <td align="right">62,099</td> <td> </td> <td> </td> <td> </td> <td align="right">17,224</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(744</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">79,123</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Current portion of capital lease obligations </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">10,754</td> <td> </td> <td> </td> <td> </td> <td align="right">341</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">11,095</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Current portion of long-term debt </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">402</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">402</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Current deferred tax liabilities </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">11</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(11</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total current liabilities </div></td> <td> </td> <td> </td> <td align="right">3,394</td> <td> </td> <td> </td> <td> </td> <td align="right">156,227</td> <td> </td> <td> </td> <td> </td> <td align="right">41,006</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(16,696</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">183,931</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Capital lease obligations </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">168,743</td> <td> </td> <td> </td> <td> </td> <td align="right">3,473</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">172,216</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Long-term debt </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">368,303</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,041</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">365,262</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Other long-term liabilities </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">17,941</td> <td> </td> <td> </td> <td> </td> <td align="right">3,158</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">21,099</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Non-current deferred tax liabilities </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">16,078</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,917</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(10,807</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">3,354</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total liabilities </div></td> <td> </td> <td> </td> <td align="right">3,394</td> <td> </td> <td> </td> <td> </td> <td align="right">727,292</td> <td> </td> <td> </td> <td> </td> <td align="right">45,720</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(30,544</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">745,862</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total shareholders’ (deficit) equity </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(78,488</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(74,287</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">104,799</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(17,535</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(65,511</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total liabilities and shareholders’ (deficit) equity </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(75,094</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">653,005</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">150,519</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(48,079</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">680,351</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 10pt"><b>TOPS HOLDING CORPORATION<br /> CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS<br /> FOR THE 12-WEEK PERIOD ENDED JULY 16, 2011</b><br /> (Dollars in thousands) </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="30%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Tops Holding</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Guarantor</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Corporation</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Tops Markets, LLC</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Eliminations</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Consolidated</td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net sales </div></td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">417,903</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">141,840</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(229</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">559,514</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Cost of goods sold </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(300,520</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(94,619</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(395,139</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Distribution costs </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(6,619</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2,774</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(9,393</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:45px; text-indent:-15px">Gross profit </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">110,764</td> <td> </td> <td> </td> <td> </td> <td align="right">44,447</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(229</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">154,982</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Operating expenses: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Wages, salaries and benefits </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(54,701</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(21,655</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(76,356</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Selling and general expenses </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(16,357</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(7,310</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">229</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(23,438</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Administrative expenses </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(646</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(12,746</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4,627</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(18,019</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Rent expense, net </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2,157</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2,055</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4,212</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Depreciation and amortization </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(8,930</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2,816</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(11,746</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Advertising </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,072</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,340</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4,412</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Impairment </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,891</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,891</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:45px; text-indent:-15px">Total operating expenses </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(646</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(97,963</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(41,694</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">229</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(140,074</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:45px; text-indent:-15px">Operating (loss) income </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(646</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">12,801</td> <td> </td> <td> </td> <td> </td> <td align="right">2,753</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">14,908</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Interest expense, net </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(14,249</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(48</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(14,297</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Equity (loss) income from subsidiaries </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(132</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">1,634</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,502</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:45px; text-indent:-15px">(Loss) income before income taxes </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(778</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">186</td> <td> </td> <td> </td> <td> </td> <td align="right">2,705</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,502</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">611</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Income tax expense </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(318</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,071</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">1,071</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(318</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:45px; text-indent:-15px">Net (loss) income </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(778</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(132</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">1,634</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(431</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">293</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 10pt"><b>TOPS HOLDING CORPORATION<br /> CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS<br /> FOR THE 12-WEEK PERIOD ENDED JULY 17, 2010</b><br /> (Dollars in thousands) </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="30%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Tops Holding</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Guarantor</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Corporation</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Tops Markets, LLC</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Eliminations</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Consolidated</td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net sales </div></td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">403,964</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">138,069</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(200</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">541,833</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Cost of goods sold </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(286,525</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(94,253</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(380,778</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Distribution costs </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(7,166</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,256</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(10,422</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:45px; text-indent:-15px">Gross profit </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">110,273</td> <td> </td> <td> </td> <td> </td> <td align="right">40,560</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(200</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">150,633</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Operating expenses: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Wages, salaries and benefits </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(52,139</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(21,088</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(73,227</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Selling and general expenses </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(15,862</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(8,377</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">200</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(24,039</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Administrative expenses </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(783</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(16,724</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(5,021</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(22,528</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Rent expense, net </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,598</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2,582</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4,180</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Depreciation and amortization </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(13,476</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,508</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(14,984</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Advertising </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4,498</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,804</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(6,302</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:45px; text-indent:-15px">Total operating expenses </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(783</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(104,297</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(40,380</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">200</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(145,260</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:45px; text-indent:-15px">Operating (loss) income </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(783</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">5,976</td> <td> </td> <td> </td> <td> </td> <td align="right">180</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">5,373</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Interest (expense) income, net </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(14,311</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">237</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(14,074</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Equity (loss) income from subsidiaries </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(8,297</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">252</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">8,045</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:45px; text-indent:-15px">(Loss) income before income taxes </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(9,080</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(8,083</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">417</td> <td> </td> <td> </td> <td> </td> <td align="right">8,045</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(8,701</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Income tax expense </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(214</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(165</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">165</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(214</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:45px; text-indent:-15px">Net (loss) income </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(9,080</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(8,297</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">252</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">8,210</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(8,915</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 10pt"><b>TOPS HOLDING CORPORATION<br /> CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS<br /> FOR THE 28-WEEK PERIOD ENDED JULY 16, 2011</b><br /> (Dollars in thousands) </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="30%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Tops Holding</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Guarantor</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Corporation</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Tops Markets, LLC</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Eliminations</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Consolidated</td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net sales </div></td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">958,836</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">318,530</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(593</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">1,276,773</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Cost of goods sold </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(683,238</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(212,645</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(895,883</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Distribution costs </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(16,800</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(6,756</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(23,556</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:45px; text-indent:-15px">Gross profit </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">258,798</td> <td> </td> <td> </td> <td> </td> <td align="right">99,129</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(593</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">357,334</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Operating expenses: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Wages, salaries and benefits </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(125,986</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(49,352</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(175,338</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Selling and general expenses </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(39,681</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(17,733</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">593</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(56,821</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Administrative expenses </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,426</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(31,141</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(10,935</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(43,502</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Rent expense, net </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(5,303</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4,812</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(10,115</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Depreciation and amortization </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(20,358</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(6,429</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(26,787</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Advertising </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(7,226</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,176</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(10,402</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Impairment </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,891</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,891</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:45px; text-indent:-15px">Total operating expenses </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,426</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(229,695</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(94,328</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">593</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(324,856</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:45px; text-indent:-15px">Operating (loss) income </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,426</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">29,103</td> <td> </td> <td> </td> <td> </td> <td align="right">4,801</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">32,478</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Interest expense, net </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(33,449</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(139</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(33,588</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Equity (loss) income from subsidiaries </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2,215</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">2,816</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(601</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:45px; text-indent:-15px">(Loss) income before income taxes </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,641</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,530</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">4,662</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(601</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,110</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Income tax expense </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(685</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,846</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">1,846</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(685</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:45px; text-indent:-15px">Net (loss) income </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(3,641</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(2,215</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">2,816</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,245</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(1,795</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 10pt"><b>TOPS HOLDING CORPORATION<br /> CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS<br /> FOR THE 28-WEEK PERIOD ENDED JULY 17, 2010</b><br /> (Dollars in thousands) </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="30%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Tops Holding</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Guarantor</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Corporation</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Tops Markets, LLC</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Eliminations</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Consolidated</td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net sales </div></td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">919,407</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">287,950</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(509</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">1,206,848</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Cost of goods sold </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(647,085</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(191,861</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(838,946</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Distribution costs </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(16,756</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(6,754</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(23,510</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:45px; text-indent:-15px">Gross profit </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">255,566</td> <td> </td> <td> </td> <td> </td> <td align="right">89,335</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(509</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">344,392</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Operating expenses: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Wages, salaries and benefits </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(121,000</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(46,506</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(167,506</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Selling and general expenses </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(38,400</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(17,911</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">509</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(55,802</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Administrative expenses </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,265</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(51,153</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(10,089</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(62,507</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Rent expense, net </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(5,025</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4,992</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(10,017</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Depreciation and amortization </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(30,205</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,509</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(33,714</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Advertising </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(9,371</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2,984</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(12,355</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:45px; text-indent:-15px">Total operating expenses </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,265</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(255,154</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(85,991</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">509</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(341,901</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:45px; text-indent:-15px">Operating (loss) income </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,265</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">412</td> <td> </td> <td> </td> <td> </td> <td align="right">3,344</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">2,491</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Bargain purchase </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">15,681</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">15,681</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Loss on debt extinguishment </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,008</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,008</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Interest (expense) income, net </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(32,616</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">132</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(32,484</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Equity (loss) income from subsidiaries </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(16,020</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">17,781</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,761</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:45px; text-indent:-15px">(Loss) income before income taxes </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(17,285</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(15,431</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">19,157</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,761</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(15,320</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Income tax expense </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(589</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,376</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">11,664</td> <td> </td> <td> </td> <td> </td> <td align="right">9,699</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:45px; text-indent:-15px">Net (loss) income </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(17,285</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(16,020</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">17,781</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">9,903</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(5,621</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 10pt"><b>TOPS HOLDING CORPORATION<br /> CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS<br /> FOR THE 28-WEEK PERIOD ENDED JULY 16, 2011</b><br /> (Dollars in thousands) </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="30%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Tops Holding</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Guarantor</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Corporation</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Tops Markets, LLC</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Eliminations</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Consolidated</td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net cash (used in) provided by operating activities </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(476</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">24,304</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">11,226</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">35,054</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Cash flows used in investing activities: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Cash paid for property and equipment </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(10,516</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(15,392</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(25,908</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Proceeds from sale of assets </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">650</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">650</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Change in intercompany receivables position </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(476</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">3,796</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,320</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:45px; text-indent:-15px">Net cash used in investing activities </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(10,992</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(10,946</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,320</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(25,258</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Cash flows provided by (used in) financing activities: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Borrowings on ABL Facility </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">356,300</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">356,300</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Repayments on ABL Facility </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(358,800</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(358,800</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Principal payments on capital leases </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(5,580</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(223</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(5,803</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Repayments of long-term debt borrowings </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(227</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(227</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Deferred financing costs incurred </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(57</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(57</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Change in bank overdraft position </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">8</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">8</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Change in intercompany payables position </div></td> <td> </td> <td> </td> <td align="right">476</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,796</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">3,320</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:45px; text-indent:-15px">Net cash provided by (used in) financing activities </div></td> <td> </td> <td> </td> <td align="right">476</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(12,152</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(223</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">3,320</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(8,579</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Net increase in cash and cash equivalents </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">1,160</td> <td> </td> <td> </td> <td> </td> <td align="right">57</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">1,217</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Cash and cash equivalents—beginning of period </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">16,689</td> <td> </td> <td> </td> <td> </td> <td align="right">730</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">17,419</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Cash and cash equivalents—end of period </div></td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">17,849</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">787</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">18,636</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 10pt"><b>TOPS HOLDING CORPORATION<br /> CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS<br /> FOR THE 28-WEEK PERIOD ENDED JULY 17, 2010</b><br /> (Dollars in thousands) </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="30%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Tops Holding</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2">Guarantor</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Corporation</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Tops Markets, LLC</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Eliminations</td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Consolidated</td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net cash (used in) provided by operating activities </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(475</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">20,209</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">5,551</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">25,285</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Cash flows used in investing activities: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Acquisition of Penn Traffic assets </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(85,023</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(85,023</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Proceeds from sale of assets </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">17,483</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">17,483</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Cash paid for property and equipment </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(14,130</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4,929</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(19,059</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Investment in subsidiaries </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(30,000</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(85,023</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">115,023</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Change in intercompany receivables position </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(475</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(17,260</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">17,735</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:45px; text-indent:-15px">Net cash used in investing activities </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(30,000</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(99,628</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(89,729</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">132,758</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(86,599</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Cash flows provided by financing activities: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Proceeds from long-term debt borrowings </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">112,125</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">112,125</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Repayments of long-term debt borrowings </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(36,199</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(36,199</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Borrowings on ABL Facility </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">58,100</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">58,100</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Repayments on ABL Facility </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(72,100</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(72,100</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Proceeds from issuance of common stock </div></td> <td> </td> <td> </td> <td align="right">30,000</td> <td> </td> <td> </td> <td> </td> <td align="right">30,000</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(30,000</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">30,000</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Deferred financing costs incurred </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(5,328</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(5,328</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Principal payments on capital leases </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4,405</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(181</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4,586</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Capital contribution </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">85,023</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(85,023</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Change in bank overdraft position </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">657</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">657</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Change in intercompany payables position </div></td> <td> </td> <td> </td> <td align="right">475</td> <td> </td> <td> </td> <td> </td> <td align="right">17,260</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(17,735</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:45px; text-indent:-15px">Net cash provided by financing activities </div></td> <td> </td> <td> </td> <td align="right">30,475</td> <td> </td> <td> </td> <td> </td> <td align="right">100,110</td> <td> </td> <td> </td> <td> </td> <td align="right">84,842</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(132,758</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">82,669</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; 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Cost of goods sold Distribution Costs Distribution costs Total direct and indirect costs associated with product warehousing and distribution activities. Distribution costs Gross profit Gross Profit Gross profit Operating expenses: Operating Expenses [Abstract] Wages Salaries And Benefits Wages, salaries and benefits Expenditures for salaries and benefits for all retail employees. Wages, salaries and benefits Selling And General Expenses Selling and general expenses Expenses recognized in the period that are directly related to the selling of products. Selling and general expenses Administrative expenses (inclusive of share-based compensation expense of $264, $182, $612 and $426) General and Administrative Expense Administrative expenses (inclusive of share-based compensation expense of $264, $182, $612 and $426) Stock-based compensation expense included in administrative expenses Allocated Share-based Compensation Expense Operating Leases Rent Expense Retail Facilities Net Rent expense, net Rental expense for the reporting period incurred under operating leases related to retail facilities, including minimum and any contingent rent expense, net of related sublease income. Rent expense, net Depreciation And Amortization Retail Facility Assets Depreciation and amortization The current period expense charged against earnings on long-lived, physical assets related to retail facilities, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset. 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Inventories Increase in inventory, net Decrease in prepaid expenses and other current assets Increase (Decrease) in Prepaid Expense and Other Assets Decrease in prepaid expenses and other current assets (Increase) decrease in income taxes refundable Increase (Decrease) in Income Taxes Receivable (Increase) decrease in income taxes refundable (Decrease) increase in accounts payable Increase (Decrease) in Accounts Payable (Decrease) increase in accrued expenses and other current liabilities Increase (Decrease) in Accrued Liabilities (Decrease) increase in other long-term liabilities Increase (Decrease) in Other Noncurrent Liabilities Net cash provided by operating activities Net Cash Provided by (Used in) Operating Activities Net cash provided by operating activities Cash flows used in investing activities: Net Cash Provided by (Used in) Investing Activities [Abstract] Cash paid for property and equipment Payments to Acquire Property, Plant, and Equipment Cash paid for property and 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Deferred financing costs incurred Change in bank overdraft position Increase (Decrease) in Book Overdrafts Proceeds from issuance of common shares Proceeds from Issuance of Common Stock Net cash (used in) provided by financing activities Net Cash Provided by (Used in) Financing Activities Net cash (used in) provided by financing activities Net increase in cash and cash equivalents Cash and Cash Equivalents, Period Increase (Decrease) Net increase in cash and cash equivalents Cash and cash equivalents--beginning of period Cash and cash equivalents--end of period DESCRIPTION OF THE COMPANY AND BASIS OF PRESENTATION Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Description of the Company and Basis of Presentation [Abstract] Description of the Company and Basis of Presentation [Abstract] RECENT ACCOUNTING PRONOUNCEMENTS Accounting Changes and Error Corrections [Text Block] Recent Accounting Pronouncements [Abstract] Recent Accounting 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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)	Jul. 16, 2011	Jan. 01, 2011
Shareholders' deficit:
Common shares, par value	$ 0.001	$ 0.001
Common shares, authorized	300,000	300,000
Common shares, issued	144,776	144,776
Common shares, outstanding	144,776	144,776

- Definition

Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.

+ References+ Details

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Condensed Consolidated Statements of Operations (Unaudited) (USD $) In Thousands	3 Months Ended		6 Months Ended
	Jul. 16, 2011	Jul. 17, 2010	Jul. 16, 2011	Jul. 17, 2010
Condensed Consolidated Statements of Operations [Abstract]
Net sales	$ 559,514	$ 541,833	$ 1,276,773	$ 1,206,848
Cost of goods sold	(395,139)	(380,778)	(895,883)	(838,946)
Distribution costs	(9,393)	(10,422)	(23,556)	(23,510)
Gross profit	154,982	150,633	357,334	344,392
Operating expenses:
Wages, salaries and benefits	(76,356)	(73,227)	(175,338)	(167,506)
Selling and general expenses	(23,438)	(24,039)	(56,821)	(55,802)
Administrative expenses (inclusive of share-based compensation expense of $264, $182, $612 and $426)	(18,019)	(22,528)	(43,502)	(62,507)
Rent expense, net	(4,212)	(4,180)	(10,115)	(10,017)
Depreciation and amortization	(11,746)	(14,984)	(26,787)	(33,714)
Advertising	(4,412)	(6,302)	(10,402)	(12,355)
Impairment (Note 7)	(1,891)		(1,891)
Total operating expenses	(140,074)	(145,260)	(324,856)	(341,901)
Operating income	14,908	5,373	32,478	2,491
Bargain purchase				15,681
Loss on debt extinguishment				(1,008)
Interest expense, net	(14,297)	(14,074)	(33,588)	(32,484)
Income (loss) before income taxes	611	(8,701)	(1,110)	(15,320)
Income tax (expense) benefit (Note 6)	(318)	(214)	(685)	9,699
Net income (loss)	$ 293	$ (8,915)	$ (1,795)	$ (5,621)

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Document and Entity Information	6 Months Ended
Document and Entity Information	Jul. 16, 2011	Aug. 29, 2011
Document and Entity Information [Abstract]
Entity Registrant Name	Tops Holding Corp
Entity Central Index Key	0001483173
Document Type	10-Q
Document Period End Date	Jul. 16, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		144,776

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Income Taxes

6 Months Ended

Jul. 16, 2011

Income Taxes [Abstract]

INCOME TAXES

6. INCOME TAXES

Income tax (expense) benefit was as follows (dollars in thousands):


	12-week periods ended						28-week periods ended
	July 16, 2011			July 17, 2010			July 16, 2011			July 17, 2010
Current	$	—		$	(214	)	$	(20	)	$	(589	)
Deferred		(318	)		—			(665	)		10,288

	$	(318	)	$	(214	)	$	(685	)	$	9,699

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

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Recent Accounting Pronouncements
6 Months Ended

Jul. 16, 2011

Recent Accounting Pronouncements [Abstract]

RECENT ACCOUNTING PRONOUNCEMENTS

2. RECENT ACCOUNTING PRONOUNCEMENTS

In June 2011, the FASB issued Accounting Standards Update No. 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income” (“ASU No. 2011-05”). ASU No. 2011-05 provides companies two choices for presenting net income and comprehensive income: in a single continuous statement, or in two separate, but consecutive statements. Presenting comprehensive income in the statement of equity is no longer an option. ASU No. 2011-05 is effective for the company beginning in the fiscal year ending December 29, 2012 and is not expected to have a material impact on the Company’s consolidated financial statements as it only changes the disclosures surrounding comprehensive income.

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The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 1.N.Q3)
-URI http://asc.fasb.org/extlink&oid=6369664&loc=d3e30840-122693

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-Name Accounting Standards Codification
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-Section 45
-Paragraph 23
-URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 154
-Paragraph 17, 22, 25, 26
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Related Party Transactions
6 Months Ended

Jul. 16, 2011

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

8. RELATED PARTY TRANSACTIONS

Tops Markets made a five-year loan to an executive for $0.2 million in connection with the executive’s relocation. During March 2010, the loan balance and related accrued interest was forgiven upon approval by the Company’s Board of Directors. Additionally, during July 2010, Tops reimbursed the executive for the personal tax impact of the loan forgiveness. This loan forgiveness and related tax reimbursement are included in administrative expenses in the condensed consolidated statement of operations for the 28-week period ended July 17, 2010, while the tax reimbursement is included in administrative expenses in the condensed consolidated statement of operations for the 12-week period ended July 17, 2010.

On January 29, 2010, the Company entered into a $25.0 million bridge loan with Morgan Stanley Senior Funding, Inc. (an affiliate of Morgan Stanley) and Banc of America Bridge LLC. Also on January 29, 2010, the Company received $30.0 million from the issuance of common shares to related parties.

Effective November 30, 2007, Holding entered into a Transaction and Monitoring Fee Agreement with Morgan Stanley and HSBC Bank. In consideration of certain services provided to Holding, the Company pays an annual monitoring fee of $0.8 million to Morgan Stanley and $0.2 million to HSBC, payable on a quarterly basis. During each of the 12-week periods ended July 16, 2011 and July 17, 2010, the Company paid $0.3 million related to this agreement. For each of the 28-week periods ended July 16, 2011 and July 17, 2010, the Company paid $0.5 million related to this agreement. These fees are included in administrative expenses in the condensed consolidated statements of operations.

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The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

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-Name Regulation S-X (SX)
-Number 210
-Article 3A
-Section 04
-Paragraph b

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 1-4
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Guarantor Financial Statements
6 Months Ended

Jul. 16, 2011

Guarantor Financial Statements [Abstract]

GUARANTOR FINANCIAL STATEMENTS

9. GUARANTOR FINANCIAL STATEMENTS

The obligations of Holding and Tops Markets under the Senior Notes are jointly and severally, fully and unconditionally guaranteed by Tops Gift Card Company, LLC and Tops PT, LLC (the “Guarantor Subsidiaries”), both of which are wholly-owned subsidiaries of Tops Markets. Tops Gift Card Company, LLC was established in October 2008, while Tops PT, LLC was established in January 2010. Tops Markets is a joint issuer of the notes and is 100% owned by Holding. Separate financial statements of Holding, Tops Markets and of the Guarantor Subsidiaries are not presented as the guarantees are full and unconditional and the Guarantor Subsidiaries are jointly and severally liable.

The following supplemental financial information sets forth, on a condensed consolidating basis, balance sheets as of July 16, 2011 and January 1, 2011 for Holding and Tops Markets, the Guarantor Subsidiaries, and for the Company on a consolidated basis, the related statements of operations for the 12 and 28-week periods ended July 16, 2011 and July 17, 2010, and the related statements of cash flows for the 28-week periods ended July 16, 2011 and July 17, 2010.

For purposes of the guarantor financial statements, the Company and its subsidiaries determine the applicable tax provision for each entity generally using the separate return method. Under this method, current and deferred taxes are allocated to each reporting entity as if it were to file a separate tax return. The rules followed by the reporting entity in computing its tax obligation or refund, including the effects of the alternative minimum tax, would be the same as those followed in filing a separate return with the Internal Revenue Service. However, for purposes of evaluating an entity’s ability to realize its tax attributes, the Company assesses whether it is more likely than not that those assets will be realized at the consolidated level. Any differences in the total of the income tax provision for Holding only and the Guarantor Subsidiaries, as calculated on the separate return method, and the consolidated income tax provision, are eliminated in consolidation.

TOPS HOLDING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
JULY 16, 2011
(Dollars in thousands)

Tops Holding Guarantor

Corporation Tops Markets, LLC Subsidiaries Eliminations Consolidated

Assets

Current assets:

Cash and cash equivalents
$ — $ 17,849 $ 787 $ — $ 18,636

Accounts receivable, net
— 43,747 11,830 — 55,577

Intercompany receivables
— 3,326 9,296 (12,622 ) —

Inventory, net
— 80,730 38,150 — 118,880

Prepaid expenses and other current assets
— 7,848 1,838 — 9,686

Assets held for sale
— — 600 — 600

Income taxes refundable
— 203 — — 203

Current deferred tax assets
— 1,657 — 608 2,265

Total current assets
— 155,360 62,501 (12,014 ) 205,847

Property and equipment, net
— 294,749 76,300 — 371,049

Intangible assets, net
— 64,467 9,880 — 74,347

Other assets
— 12,351 3,041 (3,041 ) 12,351

Investment in subsidiaries
(77,309 ) 107,615 — (30,306 ) —

Total assets
$ (77,309 ) $ 634,542 $ 151,722 $ (45,361 ) $ 663,594

Liabilities and Shareholders’ (Deficit) Equity

Current liabilities:

Accounts payable
$ — $ 67,519 $ 21,891 $ — $ 89,410

Intercompany payables
3,326 9,296 — (12,622 ) —

Accrued expenses and other current liabilities
882 60,795 15,249 (744 ) 76,182

Current portion of capital lease obligations
— 11,759 333 — 12,092

Current portion of long-term debt
— 420 — — 420

Current deferred tax liabilities
— — 11 (11 ) —

Total current liabilities
4,208 149,789 37,484 (13,377 ) 178,104

Capital lease obligations
— 162,033 3,538 — 165,571

Long-term debt
— 365,772 — (3,041 ) 362,731

Other long-term liabilities
— 16,707 3,156 — 19,863

Non-current deferred tax liabilities
— 16,743 (71 ) (12,653 ) 4,019

Total liabilities
4,208 711,044 44,107 (29,071 ) 730,288

Total shareholders’ (deficit) equity
(81,517 ) (76,502 ) 107,615 (16,290 ) (66,694 )

Total liabilities and shareholders’ (deficit) equity
$ (77,309 ) $ 634,542 $ 151,722 $ (45,361 ) $ 663,594

TOPS HOLDING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
JANUARY 1, 2011
(Dollars in thousands)

Tops Holding Guarantor

Corporation Tops Markets, LLC Subsidiaries Eliminations Consolidated

Assets

Current assets:

Cash and cash equivalents
$ — $ 16,689 $ 730 $ — $ 17,419

Accounts receivable, net
— 43,696 13,348 — 57,044

Intercompany receivables
— 2,850 13,091 (15,941 ) —

Inventory, net
— 80,060 37,268 — 117,328

Prepaid expenses and other current assets
— 11,445 2,648 — 14,093

Assets held for sale
— — 650 — 650

Income taxes refundable
— 200 — — 200

Current deferred tax assets
— 1,657 — 608 2,265

Total current assets
— 156,597 67,735 (15,333 ) 208,999

Property and equipment, net
— 309,856 68,719 — 378,575

Intangible assets, net
— 68,048 11,024 — 79,072

Other assets
— 13,705 3,041 (3,041 ) 13,705

Investment in subsidiaries
(75,094 ) 104,799 — (29,705 ) —

Total assets
$ (75,094 ) $ 653,005 $ 150,519 $ (48,079 ) $ 680,351

Liabilities and Shareholders’ (Deficit) Equity

Current liabilities:

Accounts payable
$ — $ 69,881 $ 23,430 $ — $ 93,311

Intercompany payables
2,850 13,091 — (15,941 ) —

Accrued expenses and other current liabilities
544 62,099 17,224 (744 ) 79,123

Current portion of capital lease obligations
— 10,754 341 — 11,095

Current portion of long-term debt
— 402 — — 402

Current deferred tax liabilities
— — 11 (11 ) —

Total current liabilities
3,394 156,227 41,006 (16,696 ) 183,931

Capital lease obligations
— 168,743 3,473 — 172,216

Long-term debt
— 368,303 — (3,041 ) 365,262

Other long-term liabilities
— 17,941 3,158 — 21,099

Non-current deferred tax liabilities
— 16,078 (1,917 ) (10,807 ) 3,354

Total liabilities
3,394 727,292 45,720 (30,544 ) 745,862

Total shareholders’ (deficit) equity
(78,488 ) (74,287 ) 104,799 (17,535 ) (65,511 )

Total liabilities and shareholders’ (deficit) equity
$ (75,094 ) $ 653,005 $ 150,519 $ (48,079 ) $ 680,351

TOPS HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE 12-WEEK PERIOD ENDED JULY 16, 2011
(Dollars in thousands)

Tops Holding Guarantor

Corporation Tops Markets, LLC Subsidiaries Eliminations Consolidated

Net sales
$ — $ 417,903 $ 141,840 $ (229 ) $ 559,514

Cost of goods sold
— (300,520 ) (94,619 ) — (395,139 )

Distribution costs
— (6,619 ) (2,774 ) — (9,393 )

Gross profit
— 110,764 44,447 (229 ) 154,982

Operating expenses:

Wages, salaries and benefits
— (54,701 ) (21,655 ) — (76,356 )

Selling and general expenses
— (16,357 ) (7,310 ) 229 (23,438 )

Administrative expenses
(646 ) (12,746 ) (4,627 ) — (18,019 )

Rent expense, net
— (2,157 ) (2,055 ) — (4,212 )

Depreciation and amortization
— (8,930 ) (2,816 ) — (11,746 )

Advertising
— (3,072 ) (1,340 ) — (4,412 )

Impairment
— (1,891 ) — (1,891 )

Total operating expenses
(646 ) (97,963 ) (41,694 ) 229 (140,074 )

Operating (loss) income
(646 ) 12,801 2,753 — 14,908

Interest expense, net
— (14,249 ) (48 ) — (14,297 )

Equity (loss) income from subsidiaries
(132 ) 1,634 — (1,502 ) —

(Loss) income before income taxes
(778 ) 186 2,705 (1,502 ) 611

Income tax expense
— (318 ) (1,071 ) 1,071 (318 )

Net (loss) income
$ (778 ) $ (132 ) $ 1,634 $ (431 ) $ 293

TOPS HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE 12-WEEK PERIOD ENDED JULY 17, 2010
(Dollars in thousands)

Tops Holding Guarantor

Corporation Tops Markets, LLC Subsidiaries Eliminations Consolidated

Net sales
$ — $ 403,964 $ 138,069 $ (200 ) $ 541,833

Cost of goods sold
— (286,525 ) (94,253 ) — (380,778 )

Distribution costs
— (7,166 ) (3,256 ) — (10,422 )

Gross profit
— 110,273 40,560 (200 ) 150,633

Operating expenses:

Wages, salaries and benefits
— (52,139 ) (21,088 ) — (73,227 )

Selling and general expenses
— (15,862 ) (8,377 ) 200 (24,039 )

Administrative expenses
(783 ) (16,724 ) (5,021 ) — (22,528 )

Rent expense, net
— (1,598 ) (2,582 ) — (4,180 )

Depreciation and amortization
— (13,476 ) (1,508 ) — (14,984 )

Advertising
— (4,498 ) (1,804 ) — (6,302 )

Total operating expenses
(783 ) (104,297 ) (40,380 ) 200 (145,260 )

Operating (loss) income
(783 ) 5,976 180 — 5,373

Interest (expense) income, net
— (14,311 ) 237 — (14,074 )

Equity (loss) income from subsidiaries
(8,297 ) 252 — 8,045 —

(Loss) income before income taxes
(9,080 ) (8,083 ) 417 8,045 (8,701 )

Income tax expense
— (214 ) (165 ) 165 (214 )

Net (loss) income
$ (9,080 ) $ (8,297 ) $ 252 $ 8,210 $ (8,915 )

TOPS HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE 28-WEEK PERIOD ENDED JULY 16, 2011
(Dollars in thousands)

Tops Holding Guarantor

Corporation Tops Markets, LLC Subsidiaries Eliminations Consolidated

Net sales
$ — $ 958,836 $ 318,530 $ (593 ) $ 1,276,773

Cost of goods sold
— (683,238 ) (212,645 ) — (895,883 )

Distribution costs
— (16,800 ) (6,756 ) — (23,556 )

Gross profit
— 258,798 99,129 (593 ) 357,334

Operating expenses:

Wages, salaries and benefits
— (125,986 ) (49,352 ) — (175,338 )

Selling and general expenses
— (39,681 ) (17,733 ) 593 (56,821 )

Administrative expenses
(1,426 ) (31,141 ) (10,935 ) — (43,502 )

Rent expense, net
— (5,303 ) (4,812 ) — (10,115 )

Depreciation and amortization
— (20,358 ) (6,429 ) — (26,787 )

Advertising
— (7,226 ) (3,176 ) — (10,402 )

Impairment
— — (1,891 ) — (1,891 )

Total operating expenses
(1,426 ) (229,695 ) (94,328 ) 593 (324,856 )

Operating (loss) income
(1,426 ) 29,103 4,801 — 32,478

Interest expense, net
— (33,449 ) (139 ) — (33,588 )

Equity (loss) income from subsidiaries
(2,215 ) 2,816 — (601 ) —

(Loss) income before income taxes
(3,641 ) (1,530 ) 4,662 (601 ) (1,110 )

Income tax expense
— (685 ) (1,846 ) 1,846 (685 )

Net (loss) income
$ (3,641 ) $ (2,215 ) $ 2,816 $ 1,245 $ (1,795 )

TOPS HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE 28-WEEK PERIOD ENDED JULY 17, 2010
(Dollars in thousands)

Tops Holding Guarantor

Corporation Tops Markets, LLC Subsidiaries Eliminations Consolidated

Net sales
$ — $ 919,407 $ 287,950 $ (509 ) $ 1,206,848

Cost of goods sold
— (647,085 ) (191,861 ) — (838,946 )

Distribution costs
— (16,756 ) (6,754 ) — (23,510 )

Gross profit
— 255,566 89,335 (509 ) 344,392

Operating expenses:

Wages, salaries and benefits
— (121,000 ) (46,506 ) — (167,506 )

Selling and general expenses
— (38,400 ) (17,911 ) 509 (55,802 )

Administrative expenses
(1,265 ) (51,153 ) (10,089 ) — (62,507 )

Rent expense, net
— (5,025 ) (4,992 ) — (10,017 )

Depreciation and amortization
— (30,205 ) (3,509 ) — (33,714 )

Advertising
— (9,371 ) (2,984 ) — (12,355 )

Total operating expenses
(1,265 ) (255,154 ) (85,991 ) 509 (341,901 )

Operating (loss) income
(1,265 ) 412 3,344 — 2,491

Bargain purchase
— — 15,681 — 15,681

Loss on debt extinguishment
— (1,008 ) — — (1,008 )

Interest (expense) income, net
— (32,616 ) 132 — (32,484 )

Equity (loss) income from subsidiaries
(16,020 ) 17,781 — (1,761 ) —

(Loss) income before income taxes
(17,285 ) (15,431 ) 19,157 (1,761 ) (15,320 )

Income tax expense
— (589 ) (1,376 ) 11,664 9,699

Net (loss) income
$ (17,285 ) $ (16,020 ) $ 17,781 $ 9,903 $ (5,621 )

TOPS HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE 28-WEEK PERIOD ENDED JULY 16, 2011
(Dollars in thousands)

Tops Holding Guarantor

Corporation Tops Markets, LLC Subsidiaries Eliminations Consolidated

Net cash (used in) provided by operating activities
$ (476 ) $ 24,304 $ 11,226 $ — $ 35,054

Cash flows used in investing activities:

Cash paid for property and equipment
— (10,516 ) (15,392 ) — (25,908 )

Proceeds from sale of assets
— — 650 — 650

Change in intercompany receivables position
— (476 ) 3,796 (3,320 ) —

Net cash used in investing activities
— (10,992 ) (10,946 ) (3,320 ) (25,258 )

Cash flows provided by (used in) financing activities:

Borrowings on ABL Facility
— 356,300 — — 356,300

Repayments on ABL Facility
— (358,800 ) — — (358,800 )

Principal payments on capital leases
— (5,580 ) (223 ) — (5,803 )

Repayments of long-term debt borrowings
— (227 ) — — (227 )

Deferred financing costs incurred
— (57 ) — — (57 )

Change in bank overdraft position
— 8 — — 8

Change in intercompany payables position
476 (3,796 ) — 3,320 —

Net cash provided by (used in) financing activities
476 (12,152 ) (223 ) 3,320 (8,579 )

Net increase in cash and cash equivalents
— 1,160 57 — 1,217

Cash and cash equivalents—beginning of period
— 16,689 730 — 17,419

Cash and cash equivalents—end of period
$ — $ 17,849 $ 787 $ — $ 18,636

TOPS HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE 28-WEEK PERIOD ENDED JULY 17, 2010
(Dollars in thousands)

Tops Holding Guarantor

Corporation Tops Markets, LLC Subsidiaries Eliminations Consolidated

Net cash (used in) provided by operating activities
$ (475 ) $ 20,209 $ 5,551 $ — $ 25,285

Cash flows used in investing activities:

Acquisition of Penn Traffic assets
— — (85,023 ) — (85,023 )

Proceeds from sale of assets
— — 17,483 — 17,483

Cash paid for property and equipment
— (14,130 ) (4,929 ) — (19,059 )

Investment in subsidiaries
(30,000 ) (85,023 ) — 115,023 —

Change in intercompany receivables position
— (475 ) (17,260 ) 17,735 —

Net cash used in investing activities
(30,000 ) (99,628 ) (89,729 ) 132,758 (86,599 )

Cash flows provided by financing activities:

Proceeds from long-term debt borrowings
— 112,125 — — 112,125

Repayments of long-term debt borrowings
— (36,199 ) — — (36,199 )

Borrowings on ABL Facility
— 58,100 — — 58,100

Repayments on ABL Facility
— (72,100 ) — — (72,100 )

Proceeds from issuance of common stock
30,000 30,000 — (30,000 ) 30,000

Deferred financing costs incurred
— (5,328 ) — — (5,328 )

Principal payments on capital leases
— (4,405 ) (181 ) — (4,586 )

Capital contribution
— — 85,023 (85,023 ) —

Change in bank overdraft position
— 657 — — 657

Change in intercompany payables position
475 17,260 — (17,735 ) —

Net cash provided by financing activities
30,475 100,110 84,842 (132,758 ) 82,669

Net increase in cash and cash equivalents
— 20,691 664 — 21,355

Cash and cash equivalents—beginning of period
— 19,712 10 — 19,722

Cash and cash equivalents—end of period
$ — $ 40,403 $ 674 $ — $ 41,077

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Impairment
6 Months Ended

Jul. 16, 2011

Impairment [Abstract]

IMPAIRMENT

7. IMPAIRMENT

On June 30, 2011, the FTC approved an application by Tops to sell three supermarkets to Hometown Markets. The sale of these supermarkets closed in late July and early August 2011. As a result of the sale, the Company recorded a $1.9 million impairment within the condensed consolidated statements of operations for the 12 and 28-week periods ended July 16, 2011, representing the excess of the carrying value of assets over the sale price.

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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands
6 Months Ended

Jul. 16, 2011

Jul. 17, 2010

Cash flows provided by operating activities:

Net loss $ (1,795) $ (5,621)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization 35,729 40,710

LIFO inventory valuation adjustments 2,161 (84)

Impairment 1,891

Amortization of deferred financing costs 1,411 1,204

Deferred income taxes 665 (10,288)

Share-based compensation expense 612 426

Bargain purchase (15,681)

Loss on debt extinguishment 1,008

Other 255 499

Changes in operating assets and liabilities:

Decrease (increase) in accounts receivable 1,467 (6,347)

Increase in inventory, net (3,713) (3,239)

Decrease in prepaid expenses and other current assets 4,407 3,722

(Increase) decrease in income taxes refundable (3) 214

(Decrease) increase in accounts payable (3,909) 14,445

(Decrease) increase in accrued expenses and other current liabilities (2,853) 1,890

(Decrease) increase in other long-term liabilities (1,271) 2,427

Net cash provided by operating activities 35,054 25,285

Cash flows used in investing activities:

Cash paid for property and equipment (25,908) (19,059)

Proceeds from sale of assets 650 17,483

Acquisition of Penn Traffic assets (85,023)

Net cash used in investing activities (25,258) (86,599)

Cash flows (used in) provided by financing activities:

Borrowings on ABL Facility 356,300 58,100

Repayments on ABL Facility (358,800) (72,100)

Principal payments on capital leases (5,803) (4,586)

Proceeds from long-term debt borrowings 112,125

Repayments of long-term debt borrowings (227) (36,199)

Deferred financing costs incurred (57) (5,328)

Change in bank overdraft position 8 657

Proceeds from issuance of common shares 30,000

Net cash (used in) provided by financing activities (8,579) 82,669

Net increase in cash and cash equivalents 1,217 21,355

Cash and cash equivalents--beginning of period 17,419 19,722

Cash and cash equivalents--end of period $ 18,636 $ 41,077

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Intangible Assets, Net
6 Months Ended

Jul. 16, 2011

Intangible Assets, Net [Abstract]

INTANGIBLE ASSETS, NET

3. INTANGIBLE ASSETS, NET

Intangible assets, net of accumulated amortization, consist of the following (dollars in thousands):

Weighted

Gross Net Average

Carrying Accumulated Carrying Amortization

July 16, 2011 Amount Amortization Amount Period

Acquired Penn Traffic intangible assets:

Favorable/unfavorable lease rights
$ 7,023 $ (1,451 ) $ 5,572 7.9

Tradenames
4,200 (1,131 ) 3,069 8.5

Customer relationships
1,700 (461 ) 1,239 11.0

Other intangible assets:

Tradename
41,011 — 41,011 Indefinite life

Customer relationships
26,051 (17,146 ) 8,905 8.0

Favorable/unfavorable lease rights
14,369 (7,768 ) 6,601 9.3

Franchise agreements
11,538 (3,807 ) 7,731 11.0

Other
406 (187 ) 219 4.0

$ 106,298 $ (31,951 ) $ 74,347 9.0

Gross Net

Carrying Accumulated Carrying

January 1, 2011 Amount Amortization Amount

Acquired Penn Traffic intangible assets:

Favorable/unfavorable lease rights
$ 7,023 $ (899 ) $ 6,124

Tradenames
4,200 (700 ) 3,500

Customer relationships
1,700 (300 ) 1,400

Other intangible assets:

Tradename
41,011 — 41,011

Customer relationships
26,051 (14,931 ) 11,120

Favorable/unfavorable lease rights
14,369 (7,003 ) 7,366

Franchise agreements
11,538 (3,242 ) 8,296

Other
497 (242 ) 255

$ 106,389 $ (27,317 ) $ 79,072

The Tops tradename is reviewed for impairment annually or more frequently if impairment indicators arise. Based on the Company’s assessment, no impairment was recorded during the 28-week periods ended July 16, 2011 and July 17, 2010.

During the 12-week periods ended July 16, 2011 and July 17, 2010, amortization expense was $2.0 million and $2.4 million, respectively. During the 28-week periods ended July 16, 2011 and July 17, 2010, amortization expense was $4.7 million and $5.4 million, respectively. Such amortization is included in administrative expenses in the condensed consolidated statements of operations.

As of July 16, 2011, expected future amortization of intangible assets is as follows (dollars in thousands):

2011 (remaining period)
$ 3,875

2012
6,857

2013
6,012

2014
5,212

2015
3,977

Thereafter
7,403

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Accrued Expenses and Other Current Liabilities
6 Months Ended

Jul. 16, 2011

Accrued Expenses and Other Current Liabilities [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

4. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following (dollars in thousands):

July 16, 2011 January 1, 2011

Wages, taxes and benefits
$ 17,039 $ 18,918

Lottery
9,674 10,083

Interest payable
9,111 8,318

Property and equipment expenditures
6,018 6,107

Sales and use tax
4,950 2,101

Self-insurance reserves
4,013 1,406

Utilities
3,617 2,980

Money orders
3,029 3,651

Gift cards
2,508 4,271

Union medical, pension and 401(k)
2,454 4,598

Repairs and maintenance
2,125 2,054

Vacation
1,925 1,110

Professional and legal fees
1,531 3,640

Advertising
702 1,920

Other
7,486 7,966

$ 76,182 $ 79,123

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Debt
6 Months Ended

Jul. 16, 2011

Debt [Abstract]

DEBT

5. DEBT

Long-term debt is comprised of the following (dollars in thousands):

July 16, 2011 January 1, 2011

Senior Notes
$ 350,000 $ 350,000

Discount on Senior Notes, net
(2,700 ) (2,914 )

ABL Facility
12,500 15,000

Other loans
2,302 2,400

Mortgage note payable
1,049 1,178

Total debt
363,151 365,664

Current portion
(420 ) (402 )

Total long-term debt
$ 362,731 $ 365,262

On October 9, 2009, the Company issued $275.0 million of senior secured notes, bearing interest of 10.125% (the “Senior Notes”). The Company received proceeds from the Senior Notes issuance, net of a $4.5 million original issue discount, of $270.5 million. The Senior Notes mature October 15, 2015 and require semi-annual interest payments on April 15 and October 15. The Senior Notes are collateralized by (i) first-priority interests, subject to certain exceptions, in the Company’s warehouse distribution facility in Lancaster, New York, certain owned real property acquired by the Company, Tops Markets and the guarantors, Tops PT, LLC and Tops Gift Card Company, LLC, following the issue date of the Senior Notes, intellectual property, equipment, stock of subsidiaries and substantially all other assets of the Company, Tops Markets and the guarantors (other than leasehold interests in real property), other than assets securing the Company’s asset-based lending facility (the “ABL Facility”) on a first priority basis (collectively, the “Notes Priority Collateral”), and (ii) second-priority interests, subject to certain exceptions and permitted liens, in the assets of the Company, Tops Markets and the guarantors that secure the ABL Facility on a first-priority basis, including present and future receivables, inventory, prescription lists, deposit accounts and certain related rights and proceeds relating thereto (collectively, the “ABL Priority Collateral”).

Also effective October 9, 2009, the Company entered into a revolving ABL Facility that expires on October 9, 2013. The ABL Facility allowed a maximum borrowing capacity of $70.0 million, including a sub-limit for the issuance of letters of credit, subject to a borrowing base calculation. The ABL Facility was amended on January 29, 2010 to increase its borrowing capacity by up to $41.0 million, consisting of an increase in the amount available under the revolving credit facility of $30.0 million and a term loan of $11.0 million, in each case subject to a borrowing base calculation. The term loan was repaid in full with the proceeds from the $75.0 million of Senior Notes issued on February 12, 2010, as further described below. Based upon the borrowing base calculation as of July 16, 2011, the unused commitment under the ABL Facility was $60.3 million, after giving effect to $14.2 million of letters of credit outstanding thereunder. Revolving loans under the ABL Facility will, at the Company’s option, bear interest at either i) LIBOR plus a margin of 350 to 400 basis points, determined based on levels of borrowing availability, or ii) the prime rate plus a margin of 250 to 300 basis points, determined based on levels of borrowing availability. The ABL Facility is collateralized primarily by (i) first-priority interests, subject to certain exceptions, in the ABL Priority Collateral and (ii) second-priority interests, subject to certain exceptions, in the Notes Priority Collateral.

The proceeds from the Senior Notes and ABL Facility were utilized to repay the outstanding debt related to the Company’s previous senior secured credit facility and its warehouse mortgage, pay a $105.0 million dividend to the Company’s shareholders, settle the Company’s outstanding interest rate swap arrangement, and pay fees and expenses related to the financing transactions.

On February 12, 2010, the Company issued the additional $75.0 million of Senior Notes on the same terms as the October 2009 issuance. The Company received proceeds of $76.1 million from this issuance, including a $1.1 million original issue premium.

The Senior Notes and ABL Facility contain customary affirmative and negative covenants, including restrictions on indebtedness, liens, type of business, acquisitions, investments, sale or transfer of assets, payment of dividends, transactions involving affiliates, and change in control. Failure to meet any of these covenants would be an event of default. As of July 16, 2011, the Company was in compliance with all such covenants.

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Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) (USD $)
In Thousands
3 Months Ended 6 Months Ended

Jul. 16, 2011

Jul. 17, 2010

Jul. 16, 2011

Jul. 17, 2010

Operating expenses:

Stock-based compensation expense included in administrative expenses $ 264 $ 182 $ 612 $ 426

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Description of the Company and Basis of Presentation
6 Months Ended

Jul. 16, 2011

Description of the Company and Basis of Presentation [Abstract]

DESCRIPTION OF THE COMPANY AND BASIS OF PRESENTATION

1. DESCRIPTION OF THE COMPANY AND BASIS OF PRESENTATION

The Company

Tops Holding Corporation (“Holding” or “Company”) is the parent of Tops Markets, LLC (“Tops” or “Tops Markets”). Holding was incorporated on October 5, 2007 and commenced operations on December 1, 2007. Holding is owned by various funds affiliated with Morgan Stanley Private Equity, an affiliate of Morgan Stanley & Co., Incorporated (“Morgan Stanley”), HSBC Private Equity Partners (“HSBC”), two minority investors and a company employee. Holding has no other business operations as its sole purpose is the ownership of Tops Markets. Tops operates as a food retailer in Upstate New York and Northern Pennsylvania under the banner Tops.

On January 29, 2010, the Company completed the acquisition (the “Acquisition”) of substantially all assets and certain liabilities of The Penn Traffic Company (“Penn Traffic”) and its subsidiaries, including Penn Traffic’s 79 retail supermarkets, in exchange for cash consideration of $85.0 million. Twenty-four of the acquired supermarkets were closed or sold during 2010. In August 2010, the Federal Trade Commission (“FTC”) issued a Proposed Order that would require Tops to sell seven of the retained supermarkets. On June 30, 2011, the FTC approved a modified Final Order requiring the sale of the seven supermarkets and the retention by the Company of a divestiture trustee to market the supermarkets subject to the Final Order. Also on June 30, 2011, the FTC approved the application by Tops to sell three of these supermarkets to Hometown Markets, LLC (“Hometown Markets”). The sale of these supermarkets closed in late July and early August 2011. As of August 29, 2011, the Company operates 52 of the 79 acquired supermarkets under the banners of Tops, P&C and Quality Markets. Net sales and operating loss for the seven supermarkets subject to the Final Order were $13.7 million and $1.6 million, respectively, during the 12-week period ended July 16, 2011, and $30.9 million and $1.7 million, respectively, during the 28-week period ended July 16, 2011. As of August 29, 2011, the Company operates 125 corporate retail supermarkets with an additional 5 franchise supermarkets.

Accounting Policies

The summary of significant accounting policies is included in Note 1 to the audited consolidated financial statements of Tops Holding Corporation for the fiscal year ended January 1, 2011, which appear in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 31, 2011.

Basis of Presentation and Principles of Consolidation

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the requirements for Form 10-Q, and do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. The condensed consolidated financial statements include the accounts of the Company and all of its subsidiaries. All intercompany transactions have been eliminated.

The Company’s condensed consolidated financial statements for the 12 and 28-week periods ended July 16, 2011 and July 17, 2010 are unaudited, and, in the opinion of management, contain all adjustments that are of a normal and recurring nature necessary for a fair statement of financial position and results of operations for such periods.

The allocation of the purchase price to the assets acquired and liabilities assumed from the Acquisition previously presented for the 28-week period ended July 17, 2010 has been retrospectively adjusted to reflect final acquisition accounting adjustments made during the fiscal year ended January 1, 2011. See Note 2 to the audited consolidated financial statements of Tops Holding Corporation for the fiscal year ended January 1, 2011 for a summary of the final purchase price allocation.

Segments

The Company operates 125 corporate retail supermarkets with an additional 5 franchise supermarkets, which offer grocery, produce, frozen, dairy, meat, floral, seafood, health and beauty care, general merchandise, deli and bakery goods. As of July 16, 2011, 79 of the supermarkets offered pharmacy services and 38 fuel centers were in operation. Across all 125 corporate retail supermarkets, the Company operates one format where each supermarket offers the same general mix of products with similar pricing to similar categories of customers. The Company has concluded that each individual supermarket is an operating segment. The Company’s retail operations, which represent substantially all of the Company’s consolidated sales, earnings and total assets, are its only reportable segment.

These 125 operating segments have been aggregated into one reportable segment because, in the Company’s judgment, the operating segments have similar historical economic characteristics and are expected to have similar economic characteristics and long-term financial performance in the future. The principal measures and factors considered in determining whether the economic characteristics are similar are gross margin percentage, capital expenditures, competitive risks and employee labor agreements. In addition, each operating segment has similar products and types of customers, similar methods of distribution and a similar regulatory environment.

The following table presents sales revenue by type of similar product (dollars in thousands):

12-week periods ended 28-week periods ended

July 16, 2011 July 17, 2010 July 16, 2011 July 17, 2010

% of % of % of % of

Amount Total Amount Total Amount Total Amount Total

Non-perishables⁽¹⁾
$ 308,003 55.0 % $ 307,903 56.8 % $ 718,213 56.2 % $ 695,517 57.6 %

Perishables⁽²⁾
155,393 27.8 % 154,236 28.5 % 344,051 26.9 % 330,147 27.4 %

Fuel
52,127 9.3 % 34,834 6.4 % 110,493 8.7 % 75,882 6.3 %

Pharmacy
40,211 7.2 % 41,338 7.6 % 95,305 7.5 % 97,353 8.1 %

Other⁽³⁾
3,780 0.7 % 3,522 0.7 % 8,711 0.7 % 7,949 0.6 %

$ 559,514 100.0 % $ 541,833 100.0 % $ 1,276,773 100.0 % $ 1,206,848 100.0 %

(1)
Non-perishables consist of grocery, dairy, frozen, general merchandise, health and beauty care and other non-perishable related products.

(2)
Perishables consist of produce, meat, seafood, bakery, deli, floral, prepared foods and other perishable related products.

(3)
Other primarily consists of franchise income and service commission income, including lottery, money orders and money transfers.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s condensed consolidated financial statements and notes thereto. The most significant estimates used by management are related to the accounting for vendor allowances, valuation of long-lived assets including intangible assets, acquisition accounting, lease classification, self-insurance reserves, inventory valuation, and income taxes. Actual results could differ from these estimates.

Fair Value of Financial Instruments

The provisions of FASB Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures” establish a framework for measuring fair value and a hierarchy that categorizes and prioritizes the sources to be used to estimate fair value as follows:

Level 1 — observable inputs such as quoted prices in active markets;

Level 2 — inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs); and

Level 3 — unobservable inputs that reflect the Company’s determination of assumptions that market participants would use in pricing the asset or liability. These inputs are developed based on the best information available, including the Company’s own data.

The carrying amount of the Company’s cash and cash equivalents at July 16, 2011 represents fair value as it includes cash on deposit with commercial banks.

The fair value of the Company’s senior secured notes is based on quoted market prices. At July 16, 2011, the fair value of total debt excluding capital leases was $407.6 million, compared to a carrying value of $363.2 million. At January 1, 2011, the fair value of total debt excluding capital leases was $408.4 million, compared to a carrying value of $365.7 million.

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Condensed Consolidated Balance Sheets (Unaudited) (USD $)
In Thousands

Jul. 16, 2011

Jan. 01, 2011

Current assets:

Cash and cash equivalents $ 18,636 $ 17,419

Accounts receivable, net 55,577 57,044

Inventory, net 118,880 117,328

Prepaid expenses and other current assets 9,686 14,093

Assets held for sale 600 650

Income taxes refundable 203 200

Current deferred tax assets 2,265 2,265

Total current assets 205,847 208,999

Property and equipment, net 371,049 378,575

Intangible assets, net (Note 3) 74,347 79,072

Other assets 12,351 13,705

Total assets 663,594 680,351

Current liabilities:

Accounts payable 89,410 93,311

Accrued expenses and other current liabilities (Note 4) 76,182 79,123

Current portion of capital lease obligations 12,092 11,095

Current portion of long-term debt (Note 5) 420 402

Total current liabilities 178,104 183,931

Capital lease obligations 165,571 172,216

Long-term debt (Note 5) 362,731 365,262

Other long-term liabilities 19,863 21,099

Non-current deferred tax liabilities 4,019 3,354

Total liabilities 730,288 745,862

Shareholders' deficit:

Common shares ($0.001 par value; 300,000 authorized shares, 144,776 shares issued & outstanding) 0 0

Paid-in capital (2,056) (2,668)

Accumulated deficit (64,302) (62,507)

Accumulated other comprehensive loss, net of tax (336) (336)

Total shareholders' deficit (66,694) (65,511)

Total liabilities and shareholders' deficit $ 663,594 $ 680,351

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Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.

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Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jul. 16, 2011
Recent Accounting Pronouncements [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	2. RECENT ACCOUNTING PRONOUNCEMENTS In June 2011, the FASB issued Accounting Standards Update No. 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income” (“ASU No. 2011-05”). ASU No. 2011-05 provides companies two choices for presenting net income and comprehensive income: in a single continuous statement, or in two separate, but consecutive statements. Presenting comprehensive income in the statement of equity is no longer an option. ASU No. 2011-05 is effective for the company beginning in the fiscal year ending December 29, 2012 and is not expected to have a material impact on the Company’s consolidated financial statements as it only changes the disclosures surrounding comprehensive income.

Related Party Transactions	6 Months Ended
Related Party Transactions	Jul. 16, 2011
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	8. RELATED PARTY TRANSACTIONS Tops Markets made a five-year loan to an executive for $0.2 million in connection with the executive’s relocation. During March 2010, the loan balance and related accrued interest was forgiven upon approval by the Company’s Board of Directors. Additionally, during July 2010, Tops reimbursed the executive for the personal tax impact of the loan forgiveness. This loan forgiveness and related tax reimbursement are included in administrative expenses in the condensed consolidated statement of operations for the 28-week period ended July 17, 2010, while the tax reimbursement is included in administrative expenses in the condensed consolidated statement of operations for the 12-week period ended July 17, 2010. On January 29, 2010, the Company entered into a $25.0 million bridge loan with Morgan Stanley Senior Funding, Inc. (an affiliate of Morgan Stanley) and Banc of America Bridge LLC. Also on January 29, 2010, the Company received $30.0 million from the issuance of common shares to related parties. Effective November 30, 2007, Holding entered into a Transaction and Monitoring Fee Agreement with Morgan Stanley and HSBC Bank. In consideration of certain services provided to Holding, the Company pays an annual monitoring fee of $0.8 million to Morgan Stanley and $0.2 million to HSBC, payable on a quarterly basis. During each of the 12-week periods ended July 16, 2011 and July 17, 2010, the Company paid $0.3 million related to this agreement. For each of the 28-week periods ended July 16, 2011 and July 17, 2010, the Company paid $0.5 million related to this agreement. These fees are included in administrative expenses in the condensed consolidated statements of operations.

Impairment	6 Months Ended
Impairment	Jul. 16, 2011
Impairment [Abstract]
IMPAIRMENT	7. IMPAIRMENT On June 30, 2011, the FTC approved an application by Tops to sell three supermarkets to Hometown Markets. The sale of these supermarkets closed in late July and early August 2011. As a result of the sale, the Company recorded a $1.9 million impairment within the condensed consolidated statements of operations for the 12 and 28-week periods ended July 16, 2011, representing the excess of the carrying value of assets over the sale price.

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands	6 Months Ended
	Jul. 16, 2011	Jul. 17, 2010
Cash flows provided by operating activities:
Net loss	$ (1,795)	$ (5,621)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	35,729	40,710
LIFO inventory valuation adjustments	2,161	(84)
Impairment	1,891
Amortization of deferred financing costs	1,411	1,204
Deferred income taxes	665	(10,288)
Share-based compensation expense	612	426
Bargain purchase		(15,681)
Loss on debt extinguishment		1,008
Other	255	499
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable	1,467	(6,347)
Increase in inventory, net	(3,713)	(3,239)
Decrease in prepaid expenses and other current assets	4,407	3,722
(Increase) decrease in income taxes refundable	(3)	214
(Decrease) increase in accounts payable	(3,909)	14,445
(Decrease) increase in accrued expenses and other current liabilities	(2,853)	1,890
(Decrease) increase in other long-term liabilities	(1,271)	2,427
Net cash provided by operating activities	35,054	25,285
Cash flows used in investing activities:
Cash paid for property and equipment	(25,908)	(19,059)
Proceeds from sale of assets	650	17,483
Acquisition of Penn Traffic assets		(85,023)
Net cash used in investing activities	(25,258)	(86,599)
Cash flows (used in) provided by financing activities:
Borrowings on ABL Facility	356,300	58,100
Repayments on ABL Facility	(358,800)	(72,100)
Principal payments on capital leases	(5,803)	(4,586)
Proceeds from long-term debt borrowings		112,125
Repayments of long-term debt borrowings	(227)	(36,199)
Deferred financing costs incurred	(57)	(5,328)
Change in bank overdraft position	8	657
Proceeds from issuance of common shares		30,000
Net cash (used in) provided by financing activities	(8,579)	82,669
Net increase in cash and cash equivalents	1,217	21,355
Cash and cash equivalents--beginning of period	17,419	19,722
Cash and cash equivalents--end of period	$ 18,636	$ 41,077

Condensed Consolidated Balance Sheets (Unaudited) (USD $) In Thousands	Jul. 16, 2011	Jan. 01, 2011
Current assets:
Cash and cash equivalents	$ 18,636	$ 17,419
Accounts receivable, net	55,577	57,044
Inventory, net	118,880	117,328
Prepaid expenses and other current assets	9,686	14,093
Assets held for sale	600	650
Income taxes refundable	203	200
Current deferred tax assets	2,265	2,265
Total current assets	205,847	208,999
Property and equipment, net	371,049	378,575
Intangible assets, net (Note 3)	74,347	79,072
Other assets	12,351	13,705
Total assets	663,594	680,351
Current liabilities:
Accounts payable	89,410	93,311
Accrued expenses and other current liabilities (Note 4)	76,182	79,123
Current portion of capital lease obligations	12,092	11,095
Current portion of long-term debt (Note 5)	420	402
Total current liabilities	178,104	183,931
Capital lease obligations	165,571	172,216
Long-term debt (Note 5)	362,731	365,262
Other long-term liabilities	19,863	21,099
Non-current deferred tax liabilities	4,019	3,354
Total liabilities	730,288	745,862
Shareholders' deficit:
Common shares ($0.001 par value; 300,000 authorized shares, 144,776 shares issued & outstanding)	0	0
Paid-in capital	(2,056)	(2,668)
Accumulated deficit	(64,302)	(62,507)
Accumulated other comprehensive loss, net of tax	(336)	(336)
Total shareholders' deficit	(66,694)	(65,511)
Total liabilities and shareholders' deficit	$ 663,594	$ 680,351