Giant Eagle Inc agrees
to purchase five stores
Apr 7, 2010 11:04 AM
Pittsburgh PA-based multi-format retailer Giant Eagle Inc. has executed an asset purchase agreement with Tops Markets to purchase five former Penn Traffic stores. The five stores involved in the transaction are in Brookville, DuBois, Johnstown, St Marys, and Titusville PA.
“Given our nearly 80-year history as a leading regional food retailer with strong western Pennsylvania roots, we were approached by Tops Markets more than a month ago regarding these locations,” said Dan Shapira, Giant Eagle special counsel. “Tops informed us that these stores were outside of their geographic footprint, and as such would ultimately be closed and the employees terminated. We believe there is an opportunity to refurbish these stores and bring to consumers of the area an overall improved shopping experience.”
Locations of the purchased stores are:
•40 South White Street, Brookville (BiLo Foods)
•100 North Main Street, DuBois (BiLo Foods)
•1910 Minno Drive, Johnstown (BiLo Foods)
•846 South Street/St Marys Street, St Marys (BiLo Foods)
•110 South Martin Street, Titusville (Quality Market)
Tops will begin immediately its planned store inventory liquidation sales in preparation for the eventual closure of the five locations. When the stores close, the properties will be turned over to Giant Eagle.
Giant Eagle is evaluating all opportunities regarding these stores, including reaching out to its independent ownership group to gauge interest in operating some of these locations.
The acquisition of these stores is anticipated to provide much-needed employment opportunities in the area. All those interested in positions at the purchased locations are invited to apply at the stores. Affected employees are also welcome to apply at other regional Giant Eagle locations.
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