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Penn Traffic Closing Five Stores

SYRACUSE, N.Y. -- The Penn Traffic Co. said last week that it will close five underperforming stores on Feb. 23 as part of its goal to boost the grocer's long-term financial performance and allow itself to reinvest in its core store portfolio.

The five stores are located in Altoona, Pa.; Somerset, Pa.; Erie, Pa.; Horseheads, N.Y.; and Plattsburgh, N.Y. About 232 associate positions will be affected, according to Penn Traffic. Shoppers can get further details from the store's weekly advertisements and local newspapers, in addition to in-store fliers and signage.

“We have a responsibility to our associates, customers, and shareholders to continually monitor and assess each and every component of our business,” explained Penn Traffic president and c.e.o. Greg Young in a statement. “Closing these underperforming stores was a necessary but difficult decision that will benefit the health and well-being of the company as a whole, while allowing us to further invest in our customer experience.”?

Young promised “a transition as smooth as possible” for affected store employees and customers, but declined to give specifics.

The regional grocer has invested in key locations within its store base by renovating store exteriors and interiors, a process that it “expects to continue and accelerate…in its core store portfolio during 2008 and beyond.”

Penn Traffic operates 103 supermarkets in Pennsylvania, upstate New York, Vermont, and New Hampshire under the BiLo, P&C and Quality baners. The company also operates a wholesale food distribution business serving about 121 independent operators.
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