SYRACUSE, N.Y. — Penn Traffic Co. here will freeze the pay of non-union workers, suspend 401(k) contributions and force non-union workers to take a week of unpaid vacation in cost-cutting measures, published reports said.
WSYR television, citing a press release from the retailer, said the decisions were necessary to weather the recession. The board of directors of the company also rescinded elements of their compensation, the report added. As reported last month in SN, Penn Traffic’s board voted to reduce the pay for Gregory Young, its chief executive officer.
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