Tops Seals Penn Traffic Buy, Plans Improvements

MARK HAMSTRA

WILLIAMSVILLE, N.Y. — Tops Friendly Markets here said Friday that it has completed the acquisition of a majority of the assets of Penn Traffic out of bankruptcy assets, including its 79 supermarkets in New York, Pennsylvania, Vermont and New Hampshire.

No store closures were immediately announced, and the company said all stores would remain open while it conducts a review of each location, and that Penn Traffic would continue to operate the stores through transition services agreement. Both chains are supplied by C&S Wholesale Grocers, Keene, N.H.

An antitrust review of the acquisition by the Federal Trade Commission is also ongoing.

“We are very eager and excited to begin working with store managers and associates to best serve the grocery shopping needs of our new neighbors and customers,” said Frank Curci, Tops’ president and chief executive officer.

He said once the review of assets is over, Tops would pursue a capital improvement program patterned after the current investment program Tops has in place for its stores in western and central New York.

Bank of America Merrill Lynch and Morgan Stanley were financial advisors to Tops in the acquisition. Tops is owned by Morgan Stanley Private Equity.

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