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Report: Bankruptcy judge approves sale of Penn Traffic

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Syracuse, N.Y. A U.S. Bankruptcy Court judge has approved the sale of bankrupt The Penn Traffic Co. to Tops Markets, according to a report by Syracuse.com.

Judge Peter J. Walsh signed a modified sale agreement presented to him by Penn Traffic lawyers late Monday.

Tops officials said the closing on the acquisition of Penn Traffic will take place by the end of the week.

"We are very pleased that the court has approved our comprehensive bid,'' said Frank Curci, president and CEO of Tops. "We look forward to the upcoming closing and the opportunity to bring the Tops Friendly Markets shopping experience to our new neighbors and customers."

Tops victory will more than double the size of the resurging private grocer. It also marks the end of The Penn Traffic Co., a grocer whose roots go back to 1854, when it started selling groceries to stagecoaches.

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