Riverside // BiLO applying for Chapter 11 for the 4th time (York: sale, credit)

[Honest Bob]

They said that they sold the goose that laid the golden eggs to pay off some of their debt and now they do not have enough operating cash to keep the place going.

My opinion is to let it close - since Walmart is trying so hard to put them out of business.

[North Beach Person]

That's a shame. Lots of friends and family have worked for there over the years.
What did they sell?

[Honest Bob]

The Penn Traffic Co., a supermarket operator in the Northeastern U.S., filed for Chapter 11 bankruptcy Wednesday with plans to sell off its stores and other assets.
The company, based in Syracuse, N.Y., operates the P&C, Quality and BiLo supermarkets in upstate New York, Pennsylvania, Vermont and New Hampshire. They will remain open while the company looks for someone to buy them, CEO Gregory Young said in a statement.
This is Penn Traffic's third bankruptcy filing in the last 10 years.
"We intend to continue to work closely with our vendor partners to provide the fresh products and good value that our customers have come to expect from our stores," Young said in a prepared release.
Penn Traffic said it plans to ask a bankruptcy judge today to approve a cash collateral arrangement to give it sufficient liquidity to maintain its operations while under bankruptcy protection.
The company filed its case in the U.S. Bankruptcy Court in the District of Delaware.
Background
In December Penn Traffic announced the sale of its wholesale business to C&S Wholesale, a New Hampshire company, for $43 million.
Penn Traffic planned to use the cash to pay down $32 million - 62 percent - of the company's debt and raise its ability to obtain credit.
The wholesale operation supplies more than 120 independent supermarkets in New York and Pennsylvania and accounted for $210 million, or about 20 percent, of Penn Traffic's revenues in fiscal 2008.

[wanneroo]

My local one I don't shop at really cause the prices are outrageous, but they do have a good butcher so I pick up good steaks, burgers and chicken there occasionally.

[ki0eh]

Originally Posted by wanneroo

My local one I don't shop at really cause the prices are outrageous, but they do have a good butcher so I pick up good steaks, burgers and chicken there occasionally.

It would be a shame to see the one in Wellsboro Borough close, not only is it much better situated for walk-in-town business, but it also has some of the upstate NY comfort food such as cheese curds that is missing from Weis or Wal-Mart.

[wanneroo]

Originally Posted by ki0eh

It would be a shame to see the one in Wellsboro Borough close, not only is it much better situated for walk-in-town business, but it also has some of the upstate NY comfort food such as cheese curds that is missing from Weis or Wal-Mart.

Well that building is pretty old and could benefit from some redevelopment.