Price Chopper seeks to buy 22 Penn Traffic locations

New York City Price Chopper Supermarkets is offering $54 million in cash to acquire 22 of Penn Traffic's locations, according to a filing in bankruptcy court yesterday.

Penn Traffic said it was seeking court approval to conduct the transaction as a private sale, rather than subject the stores to an auction. Conducting the transaction as a private sale is a condition of Price Chopper's offer, according to the filing.

Price Chopper previously had discussed buying four locations for $12.3 million, but this new agreement would replace that previous offer.