Tops Friendly Markets’ bid to acquire the majority of Penn Traffic’s assets, including 79 supermarkets, has been approved by the US bankruptcy court.
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The regional retailer said its offer includes cash as well as additional value created by substantial reductions in unsecured claims made against Penn Traffic by UFCW Local One Pension Fund and C&S Wholesale Grocers.
According to reports, the deal is valued at around US$85m plus forgiveness of $100m in Penn Traffic debt.
“We are very pleased that the court has approved our comprehensive bid,” said Frank Curci, Tops’ president and CEO. “We look forward to the upcoming closing and the opportunity to bring the Tops Friendly Markets shopping experience to our new neighbours and customers.”
A spokesperson for the group confirmed that the company planned to keep the majority of the Penn Traffic outlets open.
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By GlobalDataPenn Traffic operates supermarkets under Bi-Lo, P&C and Quality banners in New York, Pennsylvania, Vermont and New Hampshire. The spokesperson declined to give a time scale for the conversion of stores to the Tops banner.
