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The Syracuse Post-Standard reports that Golub Corp.’s Price Chopper is looking to acquire 22 P&C stores from bankrupt Penn Traffic for $54 million.

According to the story, “So far, it is the highest bid in the bankruptcy filing ... outpacing a previous bid of $36.5 million fronted by liquidators representing an unknown buyer for the entire 79-store chain and all of its assets.” There has been speculation in the local media that Tops could make a bid for some or all of Penn Traffic’s stores, and there also have been reports that an “insider” could be preparing a separate bid.

As noted by the Post-Standard, Penn Traffic “filed for Chapter 11 bankruptcy protection from its creditors on Nov. 18. It is the third Chapter 11 bankruptcy filing for Penn Traffic in 10 years. In the previous two filings, the company reorganized. In this filing, it told U.S. Bankruptcy Court in Wilmington, Del., where its case is being heard, it wants to essentially have a fire-sale of all of its asset, closing on sales by the first week in January,” though the competition for its assets could make such a timetable problematic.
KC's View:
If I were a P&C shopper, I’d be praying that a company like Price Chopper would buy my local store. It would the best kind of assurance that I’d have access to a smart, competitive, innovative retail experience.