Tops set to buy all of Penn Traffic's 79 markets

By By The Associated Press

Story Created: Jan 8, 2010 at 11:34 AM EDT

Story Updated: Jan 8, 2010 at 1:37 PM EDT

ROCHESTER, N.Y. (AP) - Tops Friendly Markets says it will buy all of bankrupt Penn Traffic's 79 supermarkets in the Northeast.

The suburban Buffalo-based chain says Penn Traffic has accepted its bid and recommended it to the U.S. bankruptcy court in Delaware for approval. A ruling on the offer could come Friday afternoon.

Syracuse-based 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 5,739 people.

Terms of the deal were not disclosed. Tops has been owned by Morgan Stanley Private Equity since 2007.

(Copyright 2010 by The Associated Press. All Rights Reserved.)
This content requires the latest Adobe Flash Player and a browser with JavaScript enabled. Click here for a free download of the latest Adobe Flash Player.

What's On