Tops to acquire Penn Traffic supermarkets

by Eric Schroeder
Share This:

WILLIAMSVILLE, N.Y. — Tops Friendly Markets, a full-service grocery retailer with operations in Western New York, Central New York and Northwestern Pennsylvania, said its $85 million bid to acquire a majority of Penn Traffic Co.’s assets, including its 79 supermarket locations, has been accepted by Penn Traffic and recommended to the U.S. Bankruptcy Court in Wilmington, Del., for approval.

In addition to its $85 million cash offer, Tops said it would eliminate approximately $100 million in unsecured claims against Penn Traffic’s estate. Syracuse, N.Y.-based Penn Traffic filed for bankruptcy in November 2009.

“From the very beginning of our transition to a locally operated company, we have pledged to invest in the markets we serve, and to grow and strengthen our position as the largest grocery chain in the region,” said Frank Curci, president and chief executive officer at Tops. “This new opportunity allows us to further fulfill that pledge as we look forward to meeting the needs of our new neighbors and customers, providing them with a positive shopping experience that focuses on great variety, value and service.”

Founded in 1962, Tops operates 76 full-service supermarkets and employs more than 10,000 associates.

Comment on this Article
We welcome your thoughtful comments. Please comply with our Community rules.








The views expressed in the comments section of Baking Business News do not reflect those of Baking Business News or its parent company, Sosland Publishing Co., Kansas City, Mo. Concern regarding a specific comment may be registered with the Editor by clicking the Report Abuse link.