Bankruptcy Hits My Employer

[Cory Wolfe]

My employer, Penn Traffic, has officially filed for bankruptcy today. This marks the third time they've filed... As they say, three strikes and you're out.

Penn Traffic files for bankruptcy, to sell stores

* Files for Chapter 11 protection

* To sell stores and other assets

Nov 18 (Reuters) - Regional supermarket operator Penn Traffic Co (PTFC.PK) filed for bankruptcy in a Delaware court on Wednesday and said it was looking to sell its stores and other assets while under Chapter 11 protection.

In a statement, the company said it expects to present this arrangement for court approval at a hearing anticipated for Nov. 19.

The Syracuse, New York-based company operates supermarkets in Upstate New York, Pennsylvania, Vermont and New Hampshire under the P&C Foods, Bi-Lo Foods and Quality Markets names.

Penn Traffic listed assets of $150.4 million and debt of $136.9 million in court papers.

The case is In re: The Penn Traffic Co, U.S. Bankruptcy Court, District of Delaware (Delaware), No. 09-14078-PJW. (Reporting by Santosh Nadgir in Bangalore; Editing by Maju Samuel)

© Thomson Reuters 2009 All rights reserved

Edited November 19, 2009 by blackviper8891

[ocnblu]

There's way too much of this going on. It needs to settle down, SOON. I hope this doesn't affect ppl like you at the local level, Cory.

[A Horse With No Name]

When Penn traffic bankrupted the local Big Bear stores here in Columbus, a lot of people lost their pensions and 401K money.

Penn Traffic/Big Bear had a large distribution center just north and west of downtown...turned off the electric there for the last time myself, permanantly, and got the building ready for demolition not that long ago.

Nice industrial building came down and Luxury condo's are going up. Way to much of that going on.

Not a political thing, but the damned rich keep getting richer and the working guy keeps seeming to get the short end of the stick.

We need somehow to regain the ideas of personal responsibility that made our nation great in the first place.

Perhaps Cubical/Moltar and Oldsmoboi will be the last two guys at cheers and gears to be employed?

Chris

[daves87rs]

Just maybe 66...

Sorry to hear Cory.

[NINETY EIGHT REGENCY]

I am sorry Cory. I really am. Things are bad all over the country. I do not want you to get discouraged. You know this has happen, prepare yourself for the next thing which is the new thing and know this is only a season. This too like the seasons change shall pass. I am again sorry.

[gm4life]

Sorry to hear it best of luck to you.

[balthazar]

Sorry to hear it, BV. Any leads on something else, or too soon yet?

-- -- -- -- --

>>"We need somehow to regain the ideas of personal responsibility that made our nation great in the first place."<<

We're all too stupid to accomplish that- the Gov knows best & will provide for all of us.

>>"Perhaps Cubical/Moltar and Oldsmoboi will be the last two guys at cheers and gears to be employed?"<<

Hey, can I get on that short list? I got work pouring out both ears. 6 days/wk... sometimes 7... sometimes + evenings.

[Croc]

As they say in real estate, the only 4-letter word you should be screaming is "NEXT!" Go on to the next opportunity with a more stable company and you should be fine. Lucky for you, this time of year many retailers are hiring, which gives you something until you can find something more in line with what you really want.

[Oracle of Delphi]

Sorry to hear about this Cory. I was thinking you worked for Brenda Priddy or Chris Doane or whatever now. I hope things turn around for you ...

[Robert Hall]

I'm 8 months into my gig at one of the nation's largest banks, they normally keep their contractors 18 months, rotate them out, and often bring them back in after 6 months. Stable, pays well, boring as hell. I hope to be here 4-6 more months then out of Arizona...

I'm really wondering if this is going to be one of those jobless recoveries...layoffs are slowing, but companies by and large are hiring very little. In my department at work, 3 contractors have rolled out this month after 18 months, 3 in (2 were away for 6 months at other gigs, came back). I have no idea when they last hired an FTE or converted a contractor.

Edited November 19, 2009 by Cubical-aka-Moltar

[ShadowDog]

Sorry to read, BV. The U.S. working class being smacked around with an unemployment figure spilling over 10% is no laughing matter. Up here in Canada, depending upon the region, things are either good or terrible. My niece (18) was frustrated with her job at a local chain hotel and was thinking about quitting. My sister just shook her head and said she wasn't sure it was a good idea. Her husband was a little more blunt with saying along the lines of, 'How many other people applied for the job you were given? How many other places did you apply at and how long did that take you to finally get accepted at the hotel? How is it you think you're more entitled to a job that gives you everything you want? These are not the times to be picky-choosy. Unless you have a another job in-hand, don't be crazy enough to think of yourself as more special as to deserve one just because you want one.'

He was pretty harsh; however, so are the attitudes of entitlement among today's teens.

[daves87rs]

Sorry to read, BV. The U.S. working class being smacked around with an unemployment figure spilling over 10% is no laughing matter. Up here in Canada, depending upon the region, things are either good or terrible. My niece (18) was frustrated with her job at a local chain hotel and was thinking about quitting. My sister just shook her head and said she wasn't sure it was a good idea. Her husband was a little more blunt with saying along the lines of, 'How many other people applied for the job you were given? How many other places did you apply at and how long did that take you to finally get accepted at the hotel? How is it you think you're more entitled to a job that gives you everything you want? These are not the times to be picky-choosy. Unless you have a another job in-hand, don't be crazy enough to think of yourself as more special as to deserve one just because you want one.'

He was pretty harsh; however, so are the attitudes of entitlement among today's teens.

A lot of truth to that....

[vonVeezelsnider]

Here's hoping your employment isn't adversely affected.

[Cory Wolfe]

Thanks for the well wishes.

You'll be able to view my reaction to this news in the member's ride sections shortly.

[daves87rs]

Cool ride!