Penn Traffic files Chapter 11, will sell P&C stores
SYRACUSE (AP) – The Penn Traffic Co., a supermarket operator in the Northeastern U.S., filed for Chapter 11 Wednesday with plans to sell off its stores and other assets.
The company, based in Syracuse, operates approximately 80 P&C, Quality and BiLo supermarkets in upstate New York, Pennsylvania, Vermont and New Hampshire. A P&C supermarket has been in operation on East Main Street in Norwich since April of 2006, when it replaced Tops Friendly Markets.
The stores will remain open while the company looks for someone to buy them, CEO Gregory Young said in a statement.
“We intend to continue to work closely with our vendor partners to provide the fresh products and good value that our customers have come to expect from our stores,” Young said in a prepared release.
Penn Traffic said it plans to ask a bankruptcy judge Thursday to approve a cash collateral arrangement to give it sufficient liquidity to maintain its operations while under bankruptcy protection.
The company will also continue to pay its 5,700 employees, who draw $2.3 million each pay period, and continue benefits, according to documents filed Wednesday.
The company filed its case in the U.S. Bankruptcy Court in the District of Delaware. This is the third time Penn Traffic has filed for bankruptcy protection in the last decade.
The company, based in Syracuse, operates approximately 80 P&C, Quality and BiLo supermarkets in upstate New York, Pennsylvania, Vermont and New Hampshire. A P&C supermarket has been in operation on East Main Street in Norwich since April of 2006, when it replaced Tops Friendly Markets.
The stores will remain open while the company looks for someone to buy them, CEO Gregory Young said in a statement.
“We intend to continue to work closely with our vendor partners to provide the fresh products and good value that our customers have come to expect from our stores,” Young said in a prepared release.
Penn Traffic said it plans to ask a bankruptcy judge Thursday to approve a cash collateral arrangement to give it sufficient liquidity to maintain its operations while under bankruptcy protection.
The company will also continue to pay its 5,700 employees, who draw $2.3 million each pay period, and continue benefits, according to documents filed Wednesday.
The company filed its case in the U.S. Bankruptcy Court in the District of Delaware. This is the third time Penn Traffic has filed for bankruptcy protection in the last decade.
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