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Tops Friendly Markets has announced today that it has completed the court-approved acquisition of a majority of Penn Traffic’s assets, including its 79 supermarkets over a four-state area.

The U.S. Bankruptcy Court approved the Tops’ bid for these assets last week. The stores are located in New York, Pennsylvania, Vermont and New Hampshire.

Tops CEO Frank Curci said that a review of the acquisition by the Federal Trade Commission (FTC) will continue, and once it is completed, the company will pursue a capital improvement program.

“We are very eager and excited to begin working with store managers and associates to best serve the grocery shopping needs of our new neighbors and customers,” said Frank Curci, Tops’ president and CEO, who added that all stores will remain open and operating through a transition services agreement with Penn Traffic while Tops evaluates each store over approximately the next 30 days.

However, the completion of the deal apparently does not affect the lawsuit filed against Penn Traffic by Price Chopper, which is arguing that has bankrupt Penn Traffic broke its contract to sell it 22 supermarkets for $54 million when it signed the Tops deal. In the suit, Price Chopper claims ‘significant economic losses and damages’ and seeks a ‘break-up fee’ of about $1.6 million, or three percent of the $54 million purchase price.
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