The U.S. Bankruptcy Court approved the Tops’ bid for these assets earlier this week. The stores are located in New York, Pennsylvania, Vermont and New Hampshire.

“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 CEO.

“We’d like to thank everyone who worked and supported us in our efforts with this acquisition to retain as many jobs as possible, especially UFCW Local One, C&S Wholesale Grocers and Sen. Charles Schumer, and his staff, without whose help this deal would not have been possible. ” he said.

Curci said all stores will remain open and operating through a transition services agreement with Penn Traffic while Tops evaluates each store over approximately the next 30 days.

He also said a review of the acquisition by the Federal Trade Commission (FTC) will continue. Once this evaluation is over, Curci said 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 acted as financial advisors to Tops in this transaction.

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 a leading full-service grocery retailer in Western New York, Central New York, including Rochester, and Northwestern Pennsylvania. In January 2010, Tops completed the acquisition of a majority of assets of Penn Traffic, including its 79 supermarkets. As part of Tops’ culture of “Living Here, Giving Here,” approximately $14 million is donated annually to local, charitable organizations. For more information about Tops Markets, visit the company's Web site at www.topsmarkets.com.

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