Sale To Tops Markets
On January 25, 2010, Tops Markets' bid was signed off by a Federal Judge in US Bankruptcy Court and was awarded the sale of all 79 Penn Traffic stores. Closing occurred on Jan 29, 2010. The amount of the sale will end up being slightly more than the previously agreed upon price of $85 million cash and assumption of approximately $70 million of Penn Traffic's debt.
The BiLo name survives in Pennsylvania as those stores are franchises, though three former locations have since converted to Tops.
The P&C name (P&C Fresh) has been relaunched by three ex-PT executives in Cortland, NY; Ithaca, NY and Sayre, PA (this store has since sold to Tops).
Read more about this topic: Penn Traffic
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