Statements Friday, January 08, 2010 by UFCW Local 1776 and UFCW International regarding today’s bid by Tops Markets to acquire Penn Traffic:
Statement by Wendell W. Young, IV, President, UFCW Local 1776:
We are encouraged by and supportive of the bid that Tops Markets has made to acquire Penn Traffic. We believe that this bid will provide the most potential for protecting our members’ jobs. We will continue to work with our sister UFCW Locals and the UFCW International Union to ensure that we achieve the best possible outcome for our members.
Statement by UFCW International:
UFCW Statement on Proposed Sale of Penn Traffic
Washington, DC - Early this morning, Penn Traffic filed a motion in federal bankruptcy court to approve a sale of the company’s assets to Tops Markets. The motion is subject to court approval and any higher and better offers. The following is a joint statement of the United Food and Commercial Workers International Union, UFCW Local 1, UFCW Local 23, and UFCW Local 1776, which collectively represent approximately 4,800 Penn Traffic employees:
“Today represents a significant milestone in the renewal of a company with deep roots in New York and Pennsylvania. Consumers, political leaders, and grocery workers came together to produce an agreement that will benefit the entire community. The proposed sale would preserve thousands of good jobs and keep open dozens of stores in our neighborhoods. UFCW members have a long-standing relationship with Tops Market, and we look forward to serving as partners in this chapter of the company’s growth.”
The UFCW represents more than 1.3 million workers in the retail, grocery and food processing industries.
Press inquiries should be directed to Corey Owens, 202-905-2179, cowens@ufcw.org
Tops completes purchase of
Penn Traffic
By Samantha Maziarz Christmann
As expected, Tops Markets closed on its purchase of 79 bankrupt Penn Traffic stores Friday.
"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 chief executive officer, in a statement.
All stores will remain open and operating through a 30-day transition services agreement made with Penn Traffic. Over that period, Tops will evaluate each store more closely and is expected to close or sell "a small handful" of them, Curci said.
Tops was awarded the winning bid on the bankrupt grocery chain Monday, which includes 13 Quality markets in Western New York.
Tops Markets finalizes purchase
of 79 Penn Traffic stores in New
York and surrounding states
January 29, 2010, 5:20PM
Syracuse, NY -- Tops Markets finalized its purchase of P&C Foods Friday afternoon, promising to keep all stores open for 30 days as it evaluates their futures.
The deal closed around 5 p.m., hours later than expected. Buffalo-based Tops postponed and then canceled a planned press conference as attorneys tidied up details on the deal, which brings Tops 79 supermarkets in a four-state area.
“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,” Tops President and CEO Frank Curci said in a release issued minutes after the deal closed.
