Closings
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Closings

Kmart (248-643-1000) plans to close a 55,000 sq.ft. store in Strewsbury, PA; a unit located on Northwest Grand Avenue in Peoria, AZ; a Super Kmart located on Route 30 in Amsterdam, NY; a store located on East Outer Drive in Detroit and one on Alpine Avenue in Grand Rapids, MI; an 82,000 sq.ft. unit on West College Avenue in Madison, WI; three units in GA and nine store in the Chicago, IL area as part of its plan to close 72 stores in 28 states by November of this year. The chain, which operates more than 2,100 stores, is closing stores in markets where it appears the company was not able to compete effectively with Wal*Mart, Target and other larger chains. Expansion plans call for concentration on larger Big Kmart stores which typically occupy about 100,000 sq.ft.

Stage (888-558-2500), which trades as Stage, Bealls and Palais Royal, plans to close a unit located at the Highway 99 Village Plaza in Cottage Grove, OR, three in OK and seven clothing stores in Houston TX as part of a plan to close 120 of its 590 stores nationwide. The closings are an attempt to cut debt and emerge from Chapter 11 bankruptcy protection. The closed units have been deemed to be unprofitable or outside of the company’s geographical base. When the closings are complete, the chain will operate stores in 20 states nationwide, down from the 33 states in which it currently operates.

Mattress Management Co. (804-282-3366), which trades as Mattress 2 and Mattress King, closed a unit in Chambersburg, MD recently. The company plans to close several of its non-PA stores under a planned Chapter 11 restructuring currently taking place. When the restructuring is complete, the company, which presently operates 18 stores, will likely operate six to eight stores in PA.

Rainbow Rentals, Inc. (330-533-5363), which recently purchased nine Zoom Rent to Own stores, will close two of those stores, located in Richmond and Virginia Beach, VA. With the acquisition, Rainbow Rentals will operate 108 stores in 11 states, including 11 stores in VA.

Office Depot (561-438-4258) closed a total of 27 stores during its last fiscal year. Plans call for the possibility of additional closings in the course of a company-wide reevaluation headed by new CEO Bruce Nelson.