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The Penn Traffic Co. said it will shutter its Oswego, N.Y. and Lebanon, N.H. P&C Foods stores by early to mid-December, and that rival operator Price Chopper, based in Schenectady, N.Y., has agreed to purchase the stores' assets, and plans to operate them under its own banner.
Penn Traffic president and c.e.o. Greg Young said that the decision to close the stores was financially motivated.
"We have a responsibility to our associates, customers, and shareholders to continually monitor and assess each and every component of our business," noted Young. "This difficult decision ultimately will benefit the health and wellbeing of the company as a whole."
The Oswego location has 68 employees, and the Lebanon location has 74. The company says it's "working with employees to find the best solution for affected associates."
Shoppers will learn about Penn Traffic Store closing-related details through the stores' weekly advertisements and local newspapers, as well as in-store fliers and signage.
Despite the imminent closures, Penn Traffic said it expects to "continue and accelerate" its efforts to revamp store exteriors and interiors and improve overall shopping experience in its core store portfolio.
Syracuse, N.Y.-based Penn Traffic operates or supplies over 210 supermarkets in upstate New York, Pennsylvania, Vermont, and New Hampshire. Its retail food business include corporate-owned stores under the P&C, Quality and BiLo banners, and its wholesale food distribution business supplies independently operated supermarkets and other wholesale accounts.