PENN TRAFFIC SETS INITIATIVES TO TURN AROUND

SYRACUSE, N.Y. -- Penn Traffic Co. here disclosed several initiatives that it said are designed to turn around the company's slumping financial performance by the end of 1998.That timetable was set by Phil Hawkins, president and chief executive officer, in remarks last Monday at a closed meeting with securities analysts in New York -- the same day the chain released disappointing numbers for the first

SYRACUSE, N.Y. -- Penn Traffic Co. here disclosed several initiatives that it said are designed to turn around the company's slumping financial performance by the end of 1998.

That timetable was set by Phil Hawkins, president and chief executive officer, in remarks last Monday at a closed meeting with securities analysts in New York -- the same day the chain released disappointing numbers for the first quarter ended May 3, the latest in a series of financial declines.

Accordin

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