Tops Friendly Markets Acquisition of Penn Traffic Assets Approved By Court

WILLIAMSVILLE, N.Y. -Tops Friendly Markets, the leading full-service grocery retailer in Western New York, Central New York, including Rochester, and Northwestern Pennsylvania, today announced 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.

 

The acquisition is expected to close by the end of this week. 

 

“We are very pleased that the court has approved our comprehensive bid, said Frank Curci, Tops’ president and CEO. “We look forward to the upcoming closing and the opportunity to bring the Tops Friendly Markets shopping experience to our new neighbors and customers.”

 

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.

 

Founded in 1962, Tops brings a long-standing tradition of serving its customers and communities in a variety of ways. Two years ago Tops returned local management and operations to Western New York. Since that time, Curci and Tops management and associates have successfully created more than 140 new jobs at its headquarters, pumped more than $20 million into the local economy, and committed to a comprehensive $150 million capital improvement plan; with five stores remodeled alone in 2009.

 

Bank of America Merrill Lynch and Morgan Stanley are acting as financial advisors to Tops in this transaction.

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