WILLIAMSVILLE, N.Y. Tops Friendly Markets has emerged as the buyer of the assets of bankrupt supermarket operator the Penn Traffic Co. for $85 million, Tops announced Friday.
Williamsville, N.Y.-based Tops, which operates 76 stores in western and central New York and northwestern Pennsylvania, said it would buy the majority of Penn Traffic’s assets, including all 79 of its stores in upstate New York, Pennsylvania, Vermont and New Hampshire. Penn Traffic has accepted the bid and recommended it to the U.S. Bankruptcy Court for approval.
“From the very beginning of our transition to a locally operated company, we have pledged to invest in the markets we serve and to grow and strengthen our position as the largest grocery chain in the region,” Tops president and CEO Frank Curci said. “This new opportunity allows us to further fulfill that pledge as we look forward to meeting the needs of our new neighbors and customers, providing them with a positive shopping experience that focuses on great variety, value and service.”
Penn Traffic voluntarily filed for Chapter 11 bankruptcy protection in November after defaulting on its debts.