TOPS news! read this folks! just some reporter but merger language getting thrown around.....also mention of tops purchasing ALL assets...just a reporter but...
Tops gives no hint of Penn Traffic store closings as it applies for liquor licenses By Bob Niedt / The Post-Standard February 09, 2010, 10:11AM Syracuse, NY -- As Tops Markets begins assimilating the former Penn Traffic supermarkets into its fold, a 30-day waiting period, laced with a federal investigation into Tops’ acquisition, continues.
Meanwhile, Tops is proceeding aggressively with taking control of the former Penn Traffic stores, including the P&C Foods chain, restocking them and pulling down some interior signage with P&C markings.
The New York State Liquor Authority has pending applications from Tops PT LLC for licenses to sell beer and wine coolers in those former Penn Traffic supermarkets in New York state.
The applications include 11 former P&C stores in Onondaga County, including the Shop City store, which has been rumored to be on Tops’ short list of stores it might close.
Applications are also in for three former P&C stores in Madison County (Sherrill, Canastota and Chittenango), the Pulaski store in Oswego County, the two former P&Cs in Cortland County, two in Oneida County (Rome and Camden), and three in the Ithaca market, in Tompkins County.
Tops has also applied for licenses for the P&C Foods stores in the North Country, which has been rumored to be on Tops’ list of stores it may sell or close.
Applications are in for the Lowville store in Lewis County as well as five stores in St. Lawrence County (Gouverneur, Ogdensburg, Canton, Potsdam and Massena).
What of that investigation by the Federal Trade Commission?
It’s typical procedure any time a company valued at $65.2 million or more, a dollar figure the FTC adjust annually, is acquired, according to the agency.
Tops purchased Syracuse-based Penn Traffic out of bankruptcy for more than $85 million in late January.
Penn Traffic, with 79 supermarkets, filed for Chapter 11 bankruptcy protection from its creditors on Nov. 18. It was the third such filing by Penn Traffic in 10 years. The grocer told the court this time it wanted to sell all of its assets immediately instead of reorganize, which it did in previous bankruptcy filings. In the weeks following, the competition for Penn Traffic assets took sometimes heated, and dramatic, turns. Tops stepped in with its crowning bid at the last minute, as Schenectady-based Price Chopper was about to spend $54 million to acquire just 22 P&C Foods stores from Penn Traffic’s holdings, leaving the rest for liquidators and other bidders.
Tops won the approval of the court, closed on the deal on Jan. 29, when the 30-day waiting period and FTC investigation began. The merger is also reported to the federal Department of Justice.
Both federal agencies then decide whether to investigate, allow the waiting period to expire, or either agency can request another 30-day period and more information about the merger, according to the FTC.
If either agency sees nothing wrong with the merger, it will proceed, according to the Federal Trade Commission.
The investigation is not public information. No details are released, according to the FTC.
Penn Traffic and Tops executives said there appear to be no problems with Tops’ acquisition, as there was little overlap between the two supermarket chains.
However, Frank Curci, Tops’ president and CEO, said his company will close “a small handful” of former Penn Traffic stores, some of which Penn Traffic acknowledged to its suitors weren’t doing well.
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