By Eileen Buckley
Buffalo, NY – More global financial troubles are hitting close to home. The parent firm of Tops Markets, Royal Ahold, says one of its US subsidiaries has overstated its income by $500 million. The Dutch company says this has "significantly reduced" its 2002 earnings.
Ahold also announced its two top executives resigned.
While Ahold's stock plunged Tuesday, Tops spokeswoman Stefanie Zakowicz says the parent company's problems should not have a negative impact on the local supermarket chain.
"Everything is status quo," Zakowicz said. "Tops is very healthy. Our customers won't see anything different in our stores."
Tops officials say their sales contribute positively to Royal Ahold's bottom line.