Court Approves Tops Bid
The US Bankruptcy Court has approved the bid of Tops Friendly Markets to 79 Penn Traffic stores.
The acquisition is expected to close by the end of this week.
“We are very pleased that the court has approved our comprehensive bid," Tops President and CEO Frank Curci said in a news release. “We look forward to the upcoming closing and the opportunity to bring the Tops Friendly Markets shopping experience to our new neighbors and customers.”
On Jan. 8, Tops submitted a bid including 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.
Penn Traffic filed for bankruptcy in November.
The acquisition is expected to close by the end of this week.
“We are very pleased that the court has approved our comprehensive bid," Tops President and CEO Frank Curci said in a news release. “We look forward to the upcoming closing and the opportunity to bring the Tops Friendly Markets shopping experience to our new neighbors and customers.”
On Jan. 8, Tops submitted a bid including 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.
Penn Traffic filed for bankruptcy in November.
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