Court approves plan for Tops to acquire Penn Traffic assets

WILLIAMSVILLE, N.Y. The U.S. Bankruptcy Court has approved a plan by Tops Friendly Markets to acquire the assets of the Penn Traffic Co., Tops announced.

The Rochester, N.Y.-based chain plans to acquire the bankrupt Penn Traffic’s assets, including its 79 supermarkets, for $85 million by the end of the week.

“We are very pleased that the court has approved our comprehensive bid,” Tops president and CEO Frank Curci said. “We look forward to the upcoming closing and the opportunity to bring the Tops Friendly Markets shopping experience to our new neighbors and customers.”

Tops emerged earlier this month as the top bidder for Penn Traffic’s assets. Penn Traffic, based in Syracuse, N.Y., filed for bankruptcy protection in November after defaulting on its debts.