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Closings And Financial Woes
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Closings And Financial Woes Nortrax West (209-983-8122) closed two of its 10 stores in northern CA due to a lack of sales. The closures will affect two locations that sold farm tractors exclusively – one in Chico and the other in Fernbridge CA. The remaining Nortrax West locations will continue to sell heavy construction equipment. The Great Atlantic & Pacific Tea Company (201-571-8497) plans to close 39 stores and exit the Richmond VA and Atlanta GA markets by the end of its fiscal year on Feb. 23 2002. A&P operates in 15 states with more than 10 trade names including Food Emporium and Kohl’s. The closures will occur company wide and are part of a five-year program to boost profits by cutting costs and improving efficiency. Albertsons Inc. (714-300-6000) will close three San Antonio TX stores this month citing that the locations have not been competitive. After the closings the grocery chain will operate 19 stores in the San Antonio area and more than 2 500 stores in 26 states under the names Albertsons Jewel-Osco Sav-on Drugs and Max Foods. Albertsons expects to close 165 stores to reduce expenses. Archibald Candy Corp. (312-243-2700) trading as The Sweet Factory Group Inc. filed for chapter 11 bankruptcy protection several months after the company closed 79 underperforming stores. Archibald Candy Corp. operates 290 Fanny Farmer/Fannie May 180 Laura Secord and 201 Sweet Factory candy stores.Ames Department Stores Inc. (860-257-5379) will close all 11 of its Chicago IL area stores by early next year in order to focus on emerging from its second bankruptcy in the past 11 years. Goldblatt’s Department Stores is considering taking over as many as five of the Ames locations. Ames operates 403 stores nationwide. Trak Auto Stores (773-275-0524) will close 79 locations throughout IL IN and WI. The closings are part of a restructuring strategy by the discount automotive parts company which operates under the trade names of Trak Auto Super Trak Super Trak Warehouse and Trak Auto Parts Warehouse. The company will continue to operate its remaining stores. Hilco Real Estate is handling the disposition of the leases. Dillard’s Inc. (501-376-5200) will close its Tower City location in Cleveland OH when its lease expires in January 2002. The company attributes the closing to a lack of nearby retail development and a dearth of downtown shoppers. Forest City Enterprises Inc. which owns the 12-floor one million sq.ft. building plans to redevelop the site. Quality Stores (231-798-8787) will close 168 locations including all of the company’s stores west of the Mississippi River. The agricultural specialty retailer operates 346 stores in 32 states under the brand names Quality Farm & Country Quality Farm & Fleet CT Farm & Country and County Post. |