Tops to acquire Penn Traffic supermarkets
January 11, 2010
by Eric Schroeder
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.