US supermarket retailer Giant Eagle is to purchase five former Penn Traffic stores from Tops Markets.
In January, a Tops bid to acquire the majority of Penn Traffic’s assets, including 79 supermarkets, was approved by the US bankruptcy court.
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However, Pittsburgh-based multi-format retailer Giant Eagle, on yesterday (5 April) announced the execution of an asset purchase agreement with the firm for five stores in Brookville, DuBois, Johnstown, St. Marys and Titusville.
“Given our nearly 80-year history as a leading regional food retailer with strong western Pennsylvania roots, we were approached by Tops Markets more than a month ago regarding these locations,” said Giant Eagle special counsel Dan Shapira.
“Tops informed us that these stores were outside of their geographic footprint, and as such would ultimately be closed and the employees terminated. We believe there is an opportunity to refurbish these stores and bring to consumers of the area an overall improved shopping experience.”
Tops said it will immediately begin its planned store inventory liquidation sales in preparation for the eventual closure of the five locations.
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By GlobalDataGiant Eagle added that it has agreed to acquire the pharmacy records for the former Penn Traffic pharmacies in the Brookville, DuBois and Johnstown locations, and plans to operate the existing pharmacies at Brookville and DuBois.
