US regional grocer Penn Traffic has recorded losses of US$155m since filing for bankruptcy nearly one year ago.
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According to filings with the US bankruptcy court in White Plains, NY, the company lost $7.5m in February, reported the Associated Press.
However, Penn Traffic’s interim chief financial officer, William Murphy, remained positive.
“While sales were short of our plan, our (cash flow) is on plan, and, again, we’re encouraged by the fact we had positive operating income for this period,” Murphy was quoted by AP as saying.
Penn Traffic filed for Chapter 11 bankruptcy protection last May. The company has until the end of April to file a reorganisation plan. Having closed or sold more than 60 stores, Penn Traffic now operates 111 supermarkets.
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By GlobalData
