Price Chopper Suing Penn Traffic

Supermarket chain Price Chopper is suing Penn Traffic for breach of contract over its effort to buy 22 of the bankrupt company's 79 stores.

Price Chopper, a 119-store chain based in Schenectady, New York, offered $54 million in December for 19 P&C stores in New York and three others in New Hampshire, Vermont and Pennsylvania.

Tops Friendly Markets stepped in with a bid earlier this month to buy all of Penn Traffic's stores for $85 million in cash. The US Bankruptcy Court in Delaware accepted Tops' bid on Monday.

Price Chopper is seeking $1.6 million in damages, saying Penn Traffic breached a private sale agreement negotiated in mid-December.

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