SYRACUSE -- Penn Traffic has a deadline of Tuesday, December 1, to find a buyer for it's supermarkets and the rest of its assets.
According to a financial arrangement reached with its lenders to stay in business during bankruptcy, an agreement to sell must be in place by Tuesday.
A creditors committee will be formed by Wednesday and could have a say in sale negotiations.
The details of the sale have to be approved by the bankruptcy court in Delaware.
Penn Traffic says future employment for people working at stores will depend on the terms reached with potential buyers.
Penn Traffic owns P and C Supermarkets which has more than 4,000 employees throughout New York State. The company has filed notice with New York State to close all it stores by February 15th if a buyer has not found by then.
