USA: Penn Traffic aims to close 16 stores by year-end
US regional grocery retailer Penn Traffic has said it wants to close 16 stores in four states, cutting 1,035 jobs, as part of its efforts to emerge from bankruptcy. "These 16 supermarkets were unprofitable or among our least profitable stores, and our analysis indicated that there was little or no potential for them to become more profitable in the future," Steven Panagos, Penn Traffic's interim chief executive officer, was quoted by the Associated Press as saying.
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