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At Penn Traffic Co.’s annual stockholders meeting yesterday morning – actually the first one in six years for the financial troubled company – business was conducted in a brisk fashion, with just two items of business on the agenda: the election of eight directors for yearlong terms ending in 2009, and the ratification of accounting firm Eisner, LLP as auditor of the regional grocer’s finances for the fiscal year ending Jan. 31, 2009.
The eight directors, Robert Kelly, John Burke, Kurt Cellar, Kevin Collins, Ben Evans, Alan Levitan, Scott Sozio, and president and c.e.o. Greg Young were duly elected, and the selection of Eisner was ratified at the meeting, which took place at the Hilton Garden Inn in East Syracuse, N.Y.
Afterwards, Young gave a brief presentation during which he touched on recent highlights, including the opening of a new fresh format in Cazenovia, N.Y. and the launch of a branding and advertising campaign, along with such lowlights as the closure of the company’s Penny Curtiss bakery business and 10 stores, with a corresponding workforce reduction. Although he acknowledged that a lot of work needed to be done for the grocer to return to profitability, Young also noted that Penn Traffic was now up to date on its security and tax filings, and intended to remain so.
Syracuse, N.Y.-based Penn Traffic operates or supplies over 220 supermarkets in upstate New York, Pennsylvania, Vermont, and New Hampshire. The company’s retail food business includes corporate-owned stores with the P&C, Quality, and BiLo banners, and its wholesale food distribution business supplies independently operated supermarkets and other wholesale accounts.