Tops to Buy Penn Traffic Stores
Tops Friendly Markets says it will buy all of bankrupt Penn Traffic's 79 supermarkets for $85 million in cash.
Tops says Penn Traffic has accepted its bid and has recommended it to the U.S. bankruptcy court in Delaware for approval. The bid includes Tops forgiving about $100 million in unsecured claims against the Syracuse-based company.
A ruling on the offer could come this afternoon or early next week.
Penn Traffic filed for bankruptcy in November and moved to sell most or all of its assets. It operates 79 P&C, Quality Markets and BiLo stores in New York, Pennsylvania, Vermont and New Hampshire and employs more than 5,700 people.
Tops says Penn Traffic has accepted its bid and has recommended it to the U.S. bankruptcy court in Delaware for approval. The bid includes Tops forgiving about $100 million in unsecured claims against the Syracuse-based company.
A ruling on the offer could come this afternoon or early next week.
Penn Traffic filed for bankruptcy in November and moved to sell most or all of its assets. It operates 79 P&C, Quality Markets and BiLo stores in New York, Pennsylvania, Vermont and New Hampshire and employs more than 5,700 people.
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