a surprise to industry insiders as Big Bear was Penn Traffic's albatross ; the chain was often high volume low profit company and officials realized this too late to save the crown jewel P&C Foods. Joseph V. Fischer was credited for a positive turn in momentum and had moved the company in a positive direction. Joseph V. Fischer resigned one month into the second chapter 11 and was replaced by Steven G. Panagos, a well known corporate turnaround specialist. Steven Panagos successfully sold the Big Bear division, shuttered unprofitable stores, cut overhead and gave the underfunded pension plan back to the PBGC. Penn Traffic successfully emerged from bankruptcy a smaller, but healthier company. Post the chapter 11, Robert Chapman was named the new CEO of Penn Traffic. Penn Traffic was moved to the S&P 500 in March 2003 only to have a scandal later that year negatively effect all of Fischer diligence. In 2007, two former Penn Traffic executives were indicted on fraud charges. In early 2008, Penn Traffic closed its private bakery, Penny Curtiss. The bakery provided bread products for its own stores and other supermarket chains. Penn Traffic cited the loss of the local Aldi stores contract in August 2007 as the primary reason for the bakery's closing. The company said the bakery was contributing less than 4% of Penn Traffic's total annual revenue. In December 2008 The Penn Traffic Company entered into a definitive agreement to sell its wholesale business segment to C&S Wholesale Grocers Inc. On November 18, 2009, Penn Traffic filed for Chapter 11 bankruptcy protection after second-quarter losses of $7 million (the highest loss ever for the company), missed loan payments, and slower shipments from suppliers. Originally, the company intended to sell all of its assets by the end of 2009 and close on the deal or deals by the early January 2010. As of January 9, 2010 Penn Traffic was entertaining 3 separate bids: $54 million from Price Chopper for 22 P&C Foods stores, a private bid of $36.5 million from a team of professional liquidators for all of P&C's assets and $85 million from Tops Markets for all of Penn Traffic's stores. Sale to Tops Markets On January 25, 2010, Tops Markets' bid was signed off by a Federal Judge in US Bankruptcy Court and was awarded the sale of all 79 Penn Traffic stores. Closing occurred on Jan 29, 2010. The