Penn Traffic Co. (fka PTFCQ)

[Blue54]

http://www.bizjournals.com/buffalo/stories/2010/02/15/daily12.html

While officials from Tops Markets LLC continue with their post-acquisition due diligence of the former Penn Traffic Co. holdings, certain aspects of the $85 million deal are coming into focus.

Among them: Tops, on the same day it closed on the Penn Traffic deal, formally acquired two real estate holdings in Onondaga County that are home to P&C Foods supermarkets.

According to public documents, Tops/PT LLC paid nearly $3 million for the Towne Center at Fayetteville plaza, which is anchored by a P&C market, and $387,504 for a stand alone P&C supermarket on E. Genesee Street in DeWitt. Both deals were registered with the Onondaga County Clerk’s Office on Jan. 29.

Tops, last month, acquired 79 Penn Traffic-owned stores in four states. The Amherst-based Tops, the Buffalo Niagara region’s largest supermarket chain, was the sole bidder for the bankrupt Penn Traffic chain. Penn Traffic, which had been headquartered in Syracuse, filed for Chapter 11 protection under the U.S. Bankruptcy Code in November.

With the deal, Tops has doubled the number of stores it owns and is expected to see its annual sales surpass $2 billion.