Tops Bid For P&C Awaits Approval From U.S. Bankruptcy Court

By: Brian Golden

Tops bid for P&C awaits approval from U.S. Bankruptcy Court

NORWICH – The fate of the Norwich P&C remains a mystery as Penn Traffic’s bankruptcy hearing ended Friday with no decision. The U.S. Bankruptcy Court, in Wilmington, Del., will resume the hearing today.

On Friday, Tops Markets submitted an $85 million bid to acquire all 79 Penn Traffic stores, 53 of which are located in New York.

“The court proceeding went as expected, and our goal to see a bid chosen that will save the greatest number of jobs is on track,” said U.S. Senator Charles E. Schumer. “Nothing will be final until the bankruptcy hearing is finished and a deal closes, but it looks like over 4,000 New Yorkers are on the way to keeping their jobs. It’s a good day for Upstate New York.”

Katie McKenna, communications and public relations manager for Tops Markets, echoed the senator’s statements.

“We plan to keep as many stores open as possible,” said McKenna. “Retaining a large number of union jobs is our first priority as we wait for the bid to be approved. The majority of the stores will remain open.”

McKenna said she believes the bid will go through early this week, and could be approved as early as today. It is still unknown how the acquisition will affect the Norwich store.

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Originally replacing Tops in April of 2006, the Norwich P&C employs 64 union and 2 non-union workers. Area residents have voiced concerns regarding the possible closure of the downtown grocery, as many do not have the means to travel to other stores, outside of the city.

“We would certainly welcome Tops back into the community,” stated Mayor Joe Maiurano. “If for some reason we get to a point where we have to look at other possibilities, we’ll do so.”

Maiurano also expressed his gratitude for the efforts of Senator Schumer.

“I think he does a tremendous job,” said the mayor. “Senator Schumer, Congressman Arcuri and Senator Libous have always been committed to our area. I think they’re very responsible and we know they’re concerned with our welfare.”

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