CFO Resigns at Penn Traffic
SYRACUSE, N.Y. - Penn Traffic's chief financial officer and executive VP has resigned, as the Syracuse, N.Y.-based retailer continues to consider whether to file for bankruptcy.
Martin A. Fox has left the company for "personal reasons," spokesman Marc Jampole told the Buffalo News. Jampole insisted that Fox's departure was unrelated to Penn Traffic's current status.
"It has nothing to do with our financial situation or our bankruptcy consideration or any other business matter," Jampole said. The company's fiscal year ended Feb. 1, and its annual report is late.
Fox spent 15 years with Penn Traffic and had been CFO since November 1999.
Penn Traffic a week ago disclosed that it was considering filing for bankruptcy, a move it previously made in 1999. Many vendors stopped shipping groceries to Penn Traffic, fearing they would not immediately be paid, according to the Buffalo News.
Jampole said some vendors never stopped shipping to Penn Traffic, and that some of the suppliers who have resumed shipments are doing so on a cash-in-advance basis.
Penn Traffic missed a deadline for filing its annual report with the U.S. Securities and Exchange Commission, as well as a 15-day extension granted by the SEC.
Nasdaq plans to "delist" Penn Traffic effective Friday because of the late report. Penn Traffic did not appeal Nasdaq's decision.
Penn Traffic operates P&C Super Market, Big Bear and Bi-Lo Market stores. Through its Syracuse warehouses, the company is also a food supplier to independent supermarkets.
Martin A. Fox has left the company for "personal reasons," spokesman Marc Jampole told the Buffalo News. Jampole insisted that Fox's departure was unrelated to Penn Traffic's current status.
"It has nothing to do with our financial situation or our bankruptcy consideration or any other business matter," Jampole said. The company's fiscal year ended Feb. 1, and its annual report is late.
Fox spent 15 years with Penn Traffic and had been CFO since November 1999.
Penn Traffic a week ago disclosed that it was considering filing for bankruptcy, a move it previously made in 1999. Many vendors stopped shipping groceries to Penn Traffic, fearing they would not immediately be paid, according to the Buffalo News.
Jampole said some vendors never stopped shipping to Penn Traffic, and that some of the suppliers who have resumed shipments are doing so on a cash-in-advance basis.
Penn Traffic missed a deadline for filing its annual report with the U.S. Securities and Exchange Commission, as well as a 15-day extension granted by the SEC.
Nasdaq plans to "delist" Penn Traffic effective Friday because of the late report. Penn Traffic did not appeal Nasdaq's decision.
Penn Traffic operates P&C Super Market, Big Bear and Bi-Lo Market stores. Through its Syracuse warehouses, the company is also a food supplier to independent supermarkets.