By George Anderson
Robert Chapman, president and chief executive officer of Penn Traffic described the grocery chain's emergence from Chapter 11 as a "new life" for the company adding that today it "is a leaner, strong competitor with bright prospects."
A bankruptcy court approved the company's reorganization plan in a ruling last month.
As part of the reorganization, Penn Traffic closed on a sale/leaseback deal for its five distribution facilities with Equity Industrial Partners Corp. for $37 million. Penn Traffic will lease the DCs from Equity Industrial for 15 years.
Penn Traffic operates 109 supermarkets in Pennsylvania, upstate New York, Vermont and New Hampshire as well as a wholesale food distribution business serving 79 licensed franchises and 40 independent operators.
Moderator's Comment: Emerging from Chapter 11, is Penn Traffic "a leaner, strong competitor with bright prospects" as portrayed by company president and CEO Robert Chapman? What will it need to do to succeed in the markets it serves (upstate New York, Pennsylvania, New Hampshire and Vermont)? - George Anderson - Moderator