Closings and Financial Woes
[ Home ] [ Up ] [ Hair Salons Expanding Nationwide ] [ Who's Opening & Where ] [ New Construction ] [ Buyers & Sellers ] [ Exclusives ] [ Closings and Financial Woes ] [ Convenience Stores Expanding Nationwide ] [ Food Retailers Expanding Nationwide ] [ Sources of Financing ] [ Lead Sheet ] [ Lease Signings ] [ Space Place ]

 

Closings and Financial Woes

Jo-Ann Stores Inc. (330-656-2600) is closing 50 stores during fiscal 2003, which ends in February 2003. About 15 stores are expected to close during the first three quarters of the fiscal year.

Food Circus Super Markets, Inc. (732-747-6800) closed its Foodtown supermarket location in Hazlet, NJ. The store was closed because the company could not reach an agreement with the landlord, Joy Ranch, LLC. The company operates 11 Foodtown locations in Monmouth, Ocean and Middlesex Counties, NJ.

Penske Auto Centers LLC (248-614-1144) discontinued operations at all of its automotive-service centers. The closures follow the company’s March announcement that it was closing 63 locations due to Kmart Corp.’s plan to close 284 underperforming stores. A bankruptcy court has issued a temporary restraining order requiring the auto centers to continue operating its service centers. The company, a unit of Penske Corp., purchased the auto-service business from Kmart in 1995. The company operates 563 Kmart locations in 44 states.

Ideal Stationers (415-457-1677) filed for Chapter 11 bankruptcy last month. The company operates office supply stores in CA: four as Ideal Stationers and eight as McWhorter’s, which were acquired last year. Six of the McWhorter’s locations are closing.

Dollarland Inc. (215-423-0400) closed its 46 stores and filed bankruptcy during March. The company is based in Philadelphia, PA.

Stein Mart, Inc. (904-346-1500) will close a 40,000 sq.ft. store at Marketplace Plaza located at 2700 West College Avenue in Appleton, WI during June. The company plans to close four stores by the end of the year. The off-price retailer of designer and well-known apparel brands for men, women and children operates 260 stores throughout the U.S.

Schwark Furniture (586-731-3400) is closing its store at Riverview Plaza in St. Clair, MI during July. The 35,000 sq.ft. store is closing due to economic reasons. The company operates two stores and an outlet location in Shelby Township and Mt. Clemens, MI.