Penn traffic seeks to sell Rx assets

Drug Store News, Dec 15, 2003

NEW YORK -- Penn Traffic, which filed for bankruptcy in May, has asked the bankruptcy court to approve the sale of its pharmacy assets to CVS for $8 million and to Giant Eagle for $540,000, according to a Dow Jones report.

Robert Borella, spokesman for Giant Eagle, said Penn Traffic held an auction for the pharmacy assets Nov. 18. As of press time, the bankruptcy court had yet to confirm the bid.

On Oct. 22, Giant Eagle purchased the prescription files of four closing Penn Traffic pharmacies, including three Big Bear stores in Ohio and a Bi-Lo store in Pennsylvania.

CVS and Penn Traffic would not comment on the report.