P&C Foods to be acquired by Tops Markets


The Penn Traffic Co., the Syracuse, N.Y.-based parent corporation of 79 P&C Foods supermarkets, including a store in Lincoln, has been acquired by Tops Markets as part of Penn Traffic’s Chapter 11 bankruptcy reorganization.Under the acquisition, which has been approved by the U.S. Bankruptcy Court, it likely that several of Penn Traffic’s 79 stores will be shuttered, but neither Penn Traffic nor Tops has issued a list of candidates, with officials saying it is too soon in the process to make those decisions.“Two important aspects of the transition process involve individual store status and the banners under which stores will be operating. It is Tops' intention to run as many stores and retain as many jobs as possible,” said a Tops officials in an e-mail to NHBR. “Tops will be diligently evaluating all 79 locations and decisions regarding operation of these stores and what name will be carried by stores in the future will be determined based on what makes the best business sense. Until after closing, it would be premature to comment on the status of specific locations.”Court filings stipulate conditions for “Going Out of Business” sales, but these types of filings are common.Katie McKenna, spokesperson for Williamsville, N.Y.-based Tops, said she did not know how many workers were employed at the Lincoln store.The deal is expected to be approved by the end of the week. The terms were not disclosed.Penn Traffic sold its wholesale business in 2008 to C&S Wholesale Grocers Inc., which is based in Keene, N.H. – CINDY KIBBE/NEW HAMPSHIRE BUSINESS REVIEW
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