ROCHESTER, N.Y. (AP) — Tops Friendly Markets says it will buy all of Penn Traffic's supermarkets.
Syracuse-based Penn Traffic filed for bankruptcy in November and moved to sell most or all of its assets. Tops 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.
Tops president and CEO Frank Curci told The Syracuse Post-Standard the soon-to-be-former Penn Traffic stores will remain open during the transition. He also said some Penn Traffic stores will be closed, which was a widely accepted fact, although which stores will be determined at a later time.
Penn Traffic operates 79 P&C, Quality Markets and BiLo stores in New York, Pennsylvania, Vermont and New Hampshire. It employs nearly 5,800 people.
Terms of the deal aren't being disclosed. Suburban Buffalo-based Tops is owned by Morgan Stanley Private Equity.