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The Post Standard in upstate New York reports that even as The Penn Traffic Co. lost $42 million last year and dealt with the consequences of two bankruptcy filings and a US Securities and Exchange Commission (SEC) investigation, it lost $5 million on "a proposed acquisition that was not consummated."

According to the story, written by the always-dependable Bob Niedt, “Twice on Friday, the public relations agency and key executives for the supermarket company based in Syracuse declined to define the nature of the proposed acquisition, and would not comment on whether it might have involved the sale of Western New York's Tops Markets supermarket chain.”

Penn president/CEO Gregory J. Young told analysis in a conference call only that the company would “look at creating opportunities when they come along.”

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