Three Strikes and Penn Traffic is Out
for bankruptcy protection for the third time in 10 years, Penn Traffic
has decided that it will now seek to sell all or at least most of its
which operates 79 stores in four states, may already have a buyer or
buyers in place. Retail analyst Burt P. Flickinger III told The Post-Standard that
an investment group was looking at "putting the company back together."
you get some of the better people from before and new capital in, I think
it could work. The company can be saved rather than auctioning
it off," he said. "Sometimes, financial advisers push for that,
because they get fatter fees."
its decision to file for Chapter 11 protection, the company said it intended
to keep operating stores.
"Our P&C, Quality
and BiLo supermarkets remain open for business to serve our customers and communities,"
Gregory Young, president and chief executive officer of the company, said in
a press release. "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."
Questions: What is the scenario that you see playing out for Penn Traffic Company?
Is the company a good fit for another retailer to acquire?
- Penn Traffic Voluntarily
Files to Reorganize Under Chapter 11 – Penn Traffic Company
Traffic files for bankruptcy, plans to sell
&C stores – The Post-Standard