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P&C markets are now officially owned by Tops Friendly Markets. Final determination of which stores stay open will apparently happen within 30 days, according to the Post-Standard article quoted here and linked below: “We are very eager and excited to begin working with store managers and associates to best serve the grocery shopping needs of our new [...] A recap of the state of Friday’s hearing in bankruptcy court and why the Tops and Price Chopper offers are both under active consideration. It is a messy case! Q. What happened, briefly? A. Penn Traffic set aside its plans to liquidate. At 2 a.m. Friday, Buffalo-based Tops Markets filed with the court its bid of $85 million, [...] Some Updates from the Post-Standard on the bankruptcy court hearing for Penn Traffic (P&C) and the status of the proposed takeover of the company by Tops Friendly Markets. UPDATE 4:07 p.m.: Judge Peter J. Walsh adjourned the hearing at 4 p.m. without making any decisions and without stating what the next hearing date will be. The rest [...] More on the possible takeover of Penn Traffic’s supermarkets (including, presumably, Cazenovia’s P&C): Documents submitted this morning in U.S. Bankruptcy Court in Wilmington, Del., show the committee of unsecured creditors has accepted Tops’ offer of $85 million for all of Syracuse-based The Penn Traffic Co.’s assets, which include 79 supermarkets mostly in Upstate New York and Pennsylvania.
From the Associated Press via the New York Times’ web site: 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 [...] United Food and Commercial Workers Union Local 1 Frank DeRiso said Tops’ bid will exceed the two bids made by Price Chopper and an unamed bidder being represented by a group of liquidation specialists. “This is clearly the best benefit for all the workers at Penn Traffic, including the warehouse,” DeRiso said. Earlier, Tops Markets reportedly made a [...] |
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