Failed Merger Hurts Penn Traffic

Penn Traffic here recorded a loss of $4.8 million for an acquisition that did not materialize, the company said in a conference call discussing its results for the recently ended fiscal year. Although Penn Traffic officials declined to elaborate on the failed deal, industry sources suggested that Penn Traffic was seeking to buy all or part of the Williamsville, N.Y.-based Tops Markets

SYRACUSE, N.Y. — Penn Traffic here recorded a loss of $4.8 million for an acquisition that did not materialize, the company said in a conference call discussing its results for the recently ended fiscal year.

Although Penn Traffic officials declined to elaborate on the failed deal, industry sources suggested that Penn Traffic was seeking to buy all or part of the Williamsville, N.Y.-based Tops Markets chain, which also operates in western New York state.

Tops was acquir

Register to view the full article

test - Advanced Registered User

Already a member? .