By Mark Scott
Buffalo, NY – A U.S. Bankruptcy Court Judge Monday approved the sale of bankrupt Penn Traffic to Tops Markets.
Tops officials say they'll close on the acquisition of Penn Traffic by the end of the week. Tops is paying $85 million for Penn Traffic's 79 stores. That includes 13 Quality Markets in Western New York.
The deal doubles the number of stores Tops owns. It will increase the company's presence in Western and Central New York. Plus, the Tops footprint will now extend into New York's Capital region. As many as 50 jobs could be created at Top's Amherst headquarters.
In a written statement to WBFO News, Tops President Frank Curici was quoted as saying, "we're very pleased the court has approved our comprehensive bid."
Curci previously indicated Tops will keep most of the stores open though some could be closed or sold.
Penn Traffic filed for bankruptcy protection last November.