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Bankruptcy court approves Tops' purchase of Penn Traffic
WILLIAMSVILLE—Tops Friendly Markets announced, Monday, Jan. 25, that its bid to acquire a majority of Penn Traffic's assets, including its 79 supermarket locations, has been approved by the U.S. Bankruptcy Court.
Penn Traffic's stores include the P&C Foods in Watkins Glen and Penn Yan. The acquisition is expected to close by the end of this week. Bank of America Merrill Lynch and Morgan Stanley are acting as financial advisors to Tops in this transaction.
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.
Tops Markets, LLC, is headquartered in Williamsville, NY and operates 76 full-service supermarkets; 71 company-owned and five franchise locations. |
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