Shakeup at Penn Traffic Sees Five V.P.'s Go
SYRACUSE, N.Y. -- In the wake of last week's departure of five v.p.'s, including general counsel Francis D. Price Jr., the Penn Traffic Co. here has hired a new management team, according to published reports. The officers reportedly left due to professional and personal reasons.
The financially troubled regional grocer, which emerged from bankruptcy in April 2005, saw the abrupt resignation last month of president and c.e.o. Robert Chapman, and the company's accounting firm, Deloitte & Touche, decamped in September. In a conference call last month the company admitted that it has lost $5.5 million over the past 18 months.
Penn Traffic operates 100 grocery stores in New York, Pennsylvania, Vermont and New Hampshire, in addition to a wholesale food distribution business serving 119 licensed franchises and independent operators.
The financially troubled regional grocer, which emerged from bankruptcy in April 2005, saw the abrupt resignation last month of president and c.e.o. Robert Chapman, and the company's accounting firm, Deloitte & Touche, decamped in September. In a conference call last month the company admitted that it has lost $5.5 million over the past 18 months.
Penn Traffic operates 100 grocery stores in New York, Pennsylvania, Vermont and New Hampshire, in addition to a wholesale food distribution business serving 119 licensed franchises and independent operators.