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Closings
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Closings Best Buy Co. (952-947-2000) recently closed 110 Sam Goody and Suncoast stores because of the decline in sales of prerecorded music and the slowdown in customer traffic at malls. The stores that were closed had expired leases or were operating on month-to-month leases. The chains are part of the Musicland Group, which has closed 160 stores during the fiscal year. The company has put plans to open new Musicland Stores on hold. Delhaize Group (704-633-8250) announced the closing of 42 stores in the U.S. The Belgian international food retailer is closing stores because of declining sales. The decrease is due to the weakening of the U.S. dollar and weak sales at Food Lion and Kash n’ Karry. Tommy Hilfiger (800-888-8802) is closing 37 of its 44 specialty stores, including the locations at Cherry Hill Mall in Cherry Hill, NJ and Promenade at Sagemore in Marlton, NJ because of slumping apparel sales. The seven remaining stores will be located in the greater Los Angeles, CA area, metropolitan NY area and Short Hills and Essex County, NJ. The company also plans to continue to offer its merchandise at department stores. Good Guys, Inc. (510-747-6000) plans to close the final store of the eight planned for closure in February. The other seven stores had been closed as of June 2002. The company has entered lease termination agreements for five of the stores and is currently negotiating either the termination of the lease or sublease of each of the remaining stores.Target (612-304-6073) plans to close two stores in San Antonio, TX. The stores are located at 2643 Northwest Loop 410 and 5776 Stemmons Drive and are set to close on March 4.Macy’s (212-695-4400) plans to close its store in the South Brunswick Square Shopping Center in South Brunswick, NJ at the intersection of Route 1 and Wynnwood Drive because of declining sales. The store will close its doors on March 17. Kmart Corp. (248-463-1000) plans to close another 326 stores because of declining sales. In March, the company closed 283 stores. After the 326 stores are closed, the company will be operating a little more than 1,500 stores. Furr’s Restaurant Group, Inc. (972-808-2923) recently filed a voluntary petition for Chapter 11 relief in the U.S. Bankruptcy Court for Northern District of TX, Dallas Division. The company currently operates 75 cafeterias in nine midwestern, southwestern and western states. The company, which also operates Dynamic Foods, announced it suffered a decline in same store revenues and operating results during the second quarter of the year in August.United Furniture Warehouse, Inc. (209-478-2578) announced the closing of 34 of its 39 stores in the northwest, including all 13 in WA. The discount retailer plans to close 10 of its 14 stores in OR and all four stores in UT. The closing of the U.S. stores is expected to be completed in the Spring. The company also plans to close some of its Canadian stores. The company currently operates 150 stores nationwide and in Canada. Just for Feet (845-727-6500) is closing its store in Clovis, CA. The store, which specializes in athletic footwear, is closing because it was not meeting profit goals. The store was closed and reopened in 2000. Plans are to close the store during the next few months.
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