Senator Charles Schumer (D. NY) a bankruptcy judge in Delaware ruled Monday to accept Tops Friendly Markets' proposed buyout of Penn Traffic Company's 79 supermarkets in the Northeast.

Penn Traffic filed for bankruptcy in November and moved to sell most or all of its assets.

It operates P&C, Quality Markets and BiLo stores in New York, Pennsylvania, Vermont and New Hampshire and employs nearly 5,800 people.

Penn Traffic stores will become Tops stores effective with the closing on Friday, a Penn Traffic attorney told the Syracuse Post-Standard newspaper.

Senator Schumer worked during the bankruptcy process to ensure that all bidders had enough time to submit bids.

He released the following statement:

"Hallelujah!  The judge's signature on the court documents this afternoon marks the positive completion of our long journey and is the best possible outcome to ensure the vast majority of the 4000 workers stay employed at decent wages and that the vast majority of stores stay open.  A big thank you goes to Tops, the workers, GE Capital and the many thousands of Upstate New Yorkers who joined in this fight."