SYRACUSE -- Penn Traffic employees tell Action News that they are working closely with the New York State Department of Labor to come up with a plan to turn Penn Traffic into an employee-owned company. This would be a long shot and Penn Traffic's employees know it won't be easy but they say this could be their last chance to save their jobs.
Randy Sorber is one of the employees working to organize a buyout of the company. He says the hope is to use an employee stock ownership plan which the group thinks could be done with interest from 60 percent the company's 5,700 workers. Sorber admits they could have a tough time competing with offers from some of the larger companies but they hope is the employees could team up with a wholesaler like C&S to help offset the costs.
Penn Traffic employees have retained counsel to represent them in the bankruptcy proceedings. They also plan on sending a letter out to employees Thursday informing them of the employee stock ownership plan.
