Tops Files Bid for Penn Traffic

WILLIAMSVILE, N.Y. — As expected, Tops Friendly Markets here Friday said it has filed a bid to acquire a majority of the assets of Penn Traffic Co., Syracuse, N.Y., out of bankruptcy. Terms were not disclosed, but Tops said the bid, in which it would purchase all 79 Penn Traffic stores, includes cash as well as reductions in unsecured claims that had been filed against Penn Traffic by United Food and Commercial Workers Local 1 and C&S Wholesale Grocers.

WILLIAMSVILE, N.Y. — As expected, Tops Friendly Markets here Friday said it has filed a bid to acquire a majority of the assets of Penn Traffic Co., Syracuse, N.Y., out of bankruptcy.

In a filing with the bankruptcy court, Penn Traffic said the bid, in which Tops would purchase all 79 stores, includes $85 million in cash as well as reductions in unsecured claims that had been filed against Penn Traffic by United Food and Commercial Workers Local 1 and C&S Wholesale Grocers.

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