PENN TRAFFIC TO CUT EXPENSES

SYRACUSE, N.Y. -- Penn Traffic Co. here said last week it anticipates declines in cash flow and same-store sales for the second quarter ending July 29, but vowed to take steps to lower operating expenses and stay competitive in its highly promotional upstate New York market.Gary D. Hirsch, Penn Traffic chairman, said the company will undertake "an aggressive program to moderate operating expenses

SYRACUSE, N.Y. -- Penn Traffic Co. here said last week it anticipates declines in cash flow and same-store sales for the second quarter ending July 29, but vowed to take steps to lower operating expenses and stay competitive in its highly promotional upstate New York market.

Gary D. Hirsch, Penn Traffic chairman, said the company will undertake "an aggressive program to moderate operating expenses over the next 12 months to accelerate the return of our earnings and cash flow performan

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