Price Co. canceled a buyout of TSS-Seedman’s.

The San Diego-based discount merchandiser said George J. Seedman, majority owner of the Brooklyn, N.Y.-based retail clothing chain, had requested that the acquisition be scrapped. Price Co., which operates 27 Price Club discount merchandising warehouses in five states, had planned to buy 81% of TSS-Seedman’s Inc. for $50 million. Price Co.’s acquisition agreement had been seen by analysts as a way for Price to enter the metropolitan New York area in one bold stroke. Price had said it would convert most of the TSS-Seedman’s stores into Price Clubs.