Best Products to close 81 stores.RICHMOND, Va.--(BUSINESS WIRE)--Oct. 7, 1996--Best Products Co., Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BESTQ) today announced plans to close 81 of its 169 Best stores and three of its four distribution centers during the next several months. The affected stores are located throughout the country, with a significant number of closings taking place in Texas, Colorado, Oregon, California and Washington state. Best Chairman and Chief Executive Officer Daniel H. Levy said, "We regret that many dedicated associates who have worked diligently on behalf of Best Products are affected by this decision. However, we have carefully studied our business and we do not believe these locations will contribute significantly to the company's future profitability." Levy said the company has decided to close a substantial number of stores now rather than closing stores in stages. "We believe it's in the best interests of the company and its associates to finalize closing plans now and remove questions about which locations will continue to operate." The closing announcement follows Best Products' filing for Chapter 11 under the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Code Bankruptcy Code may refer to:
The company said it expects "going-out-of-business" sales will begin at closing stores during the second half of October and end in late December. About 2,000 full-time employees and 2,500 part-time employees will be affected. Each store employs about 25 full-time and 30 part-time employees. Best Products employs about 5,500 employees in its other operations. These stores will be closing: Arizona: Tucson (East), Tucson (West) and Yuma California: Anaheim, Campbell, Cerritos, La Mesa La Mesa (lə mā`sə), city (1990 pop. 52,931), San Diego co., S Calif., a suburb of San Diego; inc. 1912. It is a retail center and a popular residence for upper- and middle-income professionals in the San Diego area. , Mission Viejo Mission Vi·e·jo A community of southern California southeast of Irvine. It is mainly residential. Population: 96,300. , Montclair, Mountain View, Northridge, Oceanside, Pinole Pinole (pĭnōl`), city (1990 pop. 17,460), Contra Costa co., W Calif., on San Pablo Bay; inc. 1903. Primarily residential, it manufactures concrete and chemicals. , Pleasant Hill, Pleasanton, Riverside, Sacramento (South), San Bernardino San Bernardino, city, United States San Bernardino (săn bûr'nədē`nō), city (1990 pop. 164,164), seat of San Bernardino co., S Calif., at the foot of the San Bernardino Mts.; inc. 1854. , San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , San Leandro San Leandro (săn lēăn`drō), city (1990 pop. 68,223), Alameda co., W Calif., on San Francisco Bay; inc. 1872. Metal, wood, and paper products; chemicals; leather goods; foods and beverages; medical equipment; lighting fixtures; and , Santa Ana Santa Ana, city, El Salvador Santa Ana (sän'tä ä`nä), city (1993 pop. 129,873), W El Salvador. It is the second largest city in the country and the commercial and processing center for a sugarcane, coffee, and cattle region. , Stockton, Thousand Oaks, Torrance, Ventura, Westminster and West Covina Colorado: Aurora, Boulder, Denver (Southwest), Fort Collins, Lakewood, Littleton and Westminster Idaho: Lewiston Michigan: Kentwood and Wyoming Montana: Great Falls and Missoula Nevada: Henderson and Las Vegas New Jersey: Cherry Hill, Eatontown and Mays Landing N. Mexico: Farmington N. Carolina: Raleigh N. Dakota: Bismark and Grand Forks Ohio: Sandusky Oregon: Beaverton, Eugene, Gresham, Milwaukie, Salem and Tannasbourne Penn.: Springfield S. Dakota: Rapid City and Sioux Falls Texas: Amarillo, Austin, Corpus Christi, El Paso, Killeen, Lubbock, San Antonio (North) and San Antonio (West) Virginia: Springfield Wash.: Bellevue, Bellingham, Everett, Federal Way, Lynnwood, Olympia, Puyallup, Silverdale, Spokane, Spokane Valley, Tacoma, Tri-Cities and Tukwila Wyoming: Cheyenne The distribution centers being closed include two contract operations in the Denver, Colo. and Seattle, Wash. markets and a company-owned operation in Las Vegas, Nev. About 75 employees work in those facilities. Best Products, a specialty retailer offering category-dominant assortments of jewelry and home furnishings, now operates 169 Best stores in 23 states. Following the closings, Best Products will continue to operate 88 stores in 17 states. CONTACT: Best Products Inc. Financial Information: Nora Crouch, 804/261-2179 Harry Katz, 804/261-2052 Media Contact: Ross Richardson, 804/261-2157 |
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