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Tops Friendly Markets said yesterday today that its bid to acquire a majority of bankrupt grocer Penn Traffic's assets, including its 79 grocery stores, has been approved by the U.S. Bankruptcy Court. The acquisition is expected to close by the end of the week.
On Jan. 8, Tops, which currently operates 76 supermarkets and employs over 10,000 associates, submitted a bid including cash as well as additional value created by substantial reductions in unsecured claims made against Syracuse, N.Y.-based Penn Traffic by UFCW Local One Pension Fund and C&S Wholesale Grocers.
Two years ago Tops returned local management and operations to its home region of western New York. Since then, CEO Frank Curci and Tops management and associates have successfully created over 140 new jobs at its Williamsville, N.Y. headquarters, brought more than $20 million to the local economy, and undrtaken a comprehensive $150 million capital improvement plan, with five stores renovated last year.
Bank of America Merrill Lynch and Morgan Stanley are serving as Tops¹ financial in this transaction.