OSWEGO, NY – The Penn Traffic Company announced today (Nov. 14) that it will close its Oswego store next month.
In a press release issued earlier today, the company said it would also close its Lebanon, NH store.
According to the press release, Penn Traffic anticipates the last day of operations (for each of the stores) will be in early to mid-December.
A source in Oswego said the last day would be Dec. 6, adding that Price Chopper would move into the location.
Price Chopper has entered into an agreement with Penn Traffic to purchase the store assets and has announced its intention to operate stores in both locations, according to the press release.
Greg Young, Penn Traffic president and CEO, said the decision to discontinue operation of the Oswego store “is consistent with Penn Traffic’s ongoing effort to balance its responsibility to customers and employees with its need to continue to improve the financial stability of the company.”
The Oswego location has approximately 70 employees. Some of them heard the news this afternoon at work, the source said.
Price Chopper Confirms Deal
Price Chopper Supermarkets officials confirmed the company has agreed to purchase the assets and take the assignment of two leases from The Penn Traffic Company, for P&C stores in Lebanon and Oswego.
This news comes on the heels of the Price ChopperÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s recent acquisition of a 37,000 square foot former G U Family Market in South Burlington, VT., the grand opening of which is scheduled for Nov. 18.
The 66,000 square foot Oswego store is located on Route 104 East and will serve to replace the chainÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s existing 50,000 square foot store (located at 293 State Route 104) which will remain open until the transition to the new store has been made.
Company officials plan to make a $2.7 million capital investment to remodel and upgrade the facility with the expectation of grand opening the store under the Price Chopper banner in the spring of 2009.
“Despite this challenging economy, Price Chopper is a healthy, American-owned, family-managed company that continues to grow,ÃƒÂ¢Ã¢â€šÂ¬Ã‚Â said Neil Golub, Price Chopper president and CEO.