SYRACUSE, N.Y. — Price Chopper Supermarkets, Schenectady, N.Y., is offering $54 million in cash to acquire 22 of Penn Traffic's locations, according to a filing in bankruptcy court yesterday.
Penn Traffic, based here, said it was seeking court approval to conduct the transaction as a private sale rather than subject the stores to an auction. Conducting the transaction as a private sale is a condition of Price Chopper's offer, according to the filing.
Price Chopper previously had discussed buying four locations for $12.3 million, but this new agreement would replace that previous offer.
The stores Price Chopper is seeking are located in: Massena, Potsdam, Canton, Gouverneur, Pulaski, Baldwinsville, Camillus, Fayetteville, Syracuse (two stores), Camden, Canastota, Cazenovia, Chittenango, Manlius, Skaneateles, Penn Yan, West Carthage and Sherrill, all in New York, plus one store each in Lincoln, N.H.; Bradford, Vt.; and Towanda, Pa.
Local reports said Tops Friendly Markets, Williamsville, N.Y., also was preparing to make an offer for a large portion of Penn Traffic's 79 locations. A spokeswoman for Tops told SN: "Tops is following the Penn Traffic transaction closely, but cannot speculate on any outcome."
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