News Release
FOR IMMEDIATE RELEASE:
DATE:
 January 8, 2010
CONTACT: Katie McKenna
kmckenna@topsmarkets.com

   
TOPS FRIENDLY MARKETS BID TO ACQUIRE PENN TRAFFIC ASSETS RECOMMENDED TO COURT
WILLIAMSVILLE, N.Y. –Tops Friendly Markets, the leading full-service grocery retailer in Western New York, Central New York, including Rochester, and Northwestern Pennsylvania, today announced that its bid to acquire a majority of Penn Traffic’s assets, including its 79 supermarket locations, has been accepted by Penn Traffic and recommended to the U.S. Bankruptcy Court for approval.

Tops submitted a comprehensive bid including cash as well as additional value created by substantial reductions in unsecured claims made against Penn Traffic by UFCW Local One Pension Fund and C&S Wholesale Grocers.

“From the very beginning of our transition to a locally operated company, we have pledged to invest in the markets we serve, and to grow and strengthen our position as the largest grocery chain in the region,” said Frank Curci, Tops’ president and CEO. “This new opportunity allows us to further fulfill that pledge as we look forward to meeting the needs of our new neighbors and customers, providing them with a positive shopping experience that focuses on great variety, value and service.”

Founded in 1962, Tops brings a long-standing tradition of serving its customers and communities in a variety of ways. Two years ago Tops returned local management and operations to Western New York. Since that time, Curci and Tops management and associates have successfully created more than 140 new jobs at its headquarters, pumped more than $20 million into the local economy, and committed to a comprehensive $150 million capital improvement plan; with five stores remodeled alone in 2009.

“Tops is very familiar with the localities served by Penn Traffic, and it is our goal to keep as many jobs and operate as many stores, without any interruption in service, as we possibly can,” said Kevin Darrington, Tops chief financial officer.” “We also plan to invest in those stores that are in need of upgrades in an effort to best serve our customers and associates.”

Bank of America Merrill Lynch and Morgan Stanley are acting as financial advisors to Tops in this transaction. Action on the recommendation is expected to be taken today, Friday, January 8 by the bankruptcy court.

Tops Markets, LLC, is headquartered in Williamsville, NY and operates 76 full-service supermarkets – 71 company-owned and five franchise locations. With over 10,000 associates, Tops is the leading full-service grocery retailer in Western New York, Central New York, including Rochester, and Northwestern Pennsylvania. For more information about Tops Markets, visit the company's Web site at www.topsmarkets.com.

 

Press Room Archive