Penn Traffic to Sell Nine Big Bear Stores.Business Editors SYRACUSE, N.Y.--(BUSINESS WIRE)--Dec. 5, 2003 The Penn Traffic The Penn Traffic Company operates 109 supermarkets in Pennsylvania, upstate New York, Vermont and New Hampshire. The Penn Traffic Company of today was built through the merger of three strong regional supermarket companies in the late 1980s, The Penn Traffic Company, P&C Foods and Company (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : PNFTQ.PK) today announced that it is seeking permission from the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the Southern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of in White Plains to sell nine Big Bear supermarkets in Ohio by the middle of December. A list of all stores to be sold is attached. Penn Traffic is asking the court to approve the sale of a group of five of Penn Traffic's Big Bear supermarkets to Giant Eagle for approximately $40,250,000 and a different group of two stores to Giant Eagle for approximately $6,500,000. Penn Traffic also intends to sell its Big Bear in The Plains to Bob Bay and Son Co.; and the Chillicothe Big Bear to Needler Enterprises, Inc. Penn Traffic said that it has rejected a previous bid by Kroger Co. to purchase 11 Big Bears. These sales agreements are a result of the auction of the assets of the Big Bear division that Penn Traffic held earlier this week. "There may be further sales of Big Bear assets in the future," said Steven G. Panagos, Penn Traffic's Interim Chief Executive Officer. Penn Traffic and its affiliates filed voluntary petitions for reorganization under chapter 11 of the U.S. Bankruptcy Code Bankruptcy Code may refer to:
More information about Penn Traffic's reorganization case is available at the following phone numbers: Employees: 877-807-7097 (toll-free); Customers: 800-724-0205 (toll-free); Vendors and Suppliers: 315-461-2341. Forward-looking statements This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, as amended, reflecting management's current analysis and expectations, based on what management believes to be reasonable assumptions. These forward-looking statements include statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc our anticipated financial performance and business prospects. Statements preceded by, followed by or that include words such as 'believe,' 'anticipate,' 'estimate,' 'expect,' 'could,' and other similar expressions are to be considered such forward-looking statements. Forward-looking statements may involve known and unknown risks, uncertainties and other factors, which may cause the actual results to differ materially from those projected, stated or implied, depending on such factors as: the ability of the Company to improve its operating performance and effectuate ef·fec·tu·ate tr.v. ef·fec·tu·at·ed, ef·fec·tu·at·ing, ef·fec·tu·ates To bring about; effect. [Medieval Latin effectu its business plans; the ability of the Company to continue as a going concern; the ability of the Company to operate pursuant to the terms of its credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities and to comply with the terms of its lending agreements or to amend or modify the terms of such agreements as may be needed from time to time; its ability to generate cash; its ability to attract and maintain adequate capital; its ability to refinance; increases in prevailing interest rates; court approval of the Company's motions prosecuted by it from time to time; the ability of the Company to develop, prosecute, confirm and consummate one or more plans of reorganization with respect to the chapter 11 cases; risks associated with third parties seeking and obtaining court approval to terminate or shorten the exclusivity period for the Company to propose and confirm one or more plans of reorganization; the ability of the Company to obtain trade credit, and shipments and terms with vendors and service providers for current orders; the Company's ability to maintain contracts that are critical to its operations; potential adverse developments with respect to the Company's liquidity or results of operations; general economic and business conditions; competition, including increased capital investment and promotional activity by the Company's competitors; availability, location and terms of sites for store development; the successful implementation of the Company's capital expenditure program; labor relations; labor and employee benefit costs including increases in health care and pension costs and the level of contributions to the Company sponsored pension plans; the result of the pursuit of strategic alternatives; economic and competitive uncertainties; changes in strategies; changes in generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ; adverse changes in economic and political climates around the world, including terrorist activities and international hostilities; and the outcome of pending or yet-to-be-instituted legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. and governmental investigations. The Company cautions that the foregoing list of important factors is not exhaustive. Accordingly, there can be no assurance that the Company will meet future results, performance or achievements expressed or implied by such forward-looking statements. This paragraph is included to provide safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for forward-looking statements, which are not generally required to be publicly revised as circumstances change, and which the Company does not intend to update. The Penn Traffic Company operates 211 supermarkets in Ohio, West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. , Pennsylvania, upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. , Vermont and New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). under the Big Bear, Big Bear Plus, BiLo, P&C and Quality trade names. Penn Traffic also operates a wholesale food distribution business serving 75 licensed franchises and 42 independent operators.
Penn Traffic Sales of Big Bear Supermarkets
Announced on December 5, 2003
Sold to Giant Eagle
City and State Address County
Columbus, OH 280 East Whittier Street Franklin
Columbus, OH 1451 West Fifth Avenue Franklin
Columbus, OH 1798 Kingsdale Center Franklin
Columbus, OH 2801 North High Street Franklin
Columbus, OH 777 Neil Avenue Franklin
Marietta, OH 128 Frontier Shopping Center Washington
Newark, OH 553 Hebron Road Licking
Sold to Needler Enterprises, Inc.
Chillicothe, OH 660 Central Center Ross
Sold to Bob Bay & Son Co.
The Plains, OH 70 North Plains Road Athens
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