Dairy Mart to Relocate Remaining Administrative Functions to Ohio; Leases Former Headquarters Facility in Connecticut.HUDSON, Ohio--(BUSINESS WIRE)--May 5, 1998-- Dairy Mart Convenience Stores The following is a list of convenience stores organized by geographical location. Stores are grouped by the lowest heading that contains all locales in which the brands have significant presence. , Inc., (AMEX AMEX See: American Stock Exchange :DMC DMC Devil May Cry (video game) DMC Detroit Medical Center DMC Darryl McDaniels (rapper) DMC Destination Management Company DMC Del Mar College (Corpus Christi, TX) .A)(AMEX:DMC.B) today announced that it has leased its former headquarters facility in Enfield, Conn., to another company and will relocate re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. certain administrative functions from that building to its new headquarters in Hudson, Ohio Hudson is a city in Summit County, Ohio, United States. The population was 22,439 at the 2000 census, making it the 389th largest city in the midwest. This number rose to 23,154 at the 2006 census estimates [1]. . Dairy Mart relocated its corporate headquarters to northeastern Ohio in 1997 and sold its retail locations in the northeastern 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. to concentrate on its core markets in the Midwest. Approximately 80 personnel remained in Connecticut to perform certain accounting and MIS functions and to handle gasoline gasoline or petrol, light, volatile mixture of hydrocarbons for use in the internal-combustion engine and as an organic solvent, obtained primarily by fractional distillation and "cracking" of petroleum, but also obtained from natural gas, by supply and dispatch in the 77,000-square-foot office building in Enfield. These positions will now represent newly created jobs in the northeastern Ohio. "Consolidating these functions at Dairy Mart's new headquarters building in Hudson, Ohio, is estimated to cost slightly in excess of $1 million, but would save our company between $600,000 and $700,000 in annual operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. in the years ahead," said Robert B. Stein, Jr., Dairy Mart's chairman, president, and chief executive officer. "In addition, because we have signed a long-term lease with a tenant that will use all the available space, the town of Enfield will benefit from an increased number of new jobs and Dairy Mart will benefit from a half million dollar revenue stream from the rent, and increase in the market value of the building, and an improvement in the building's overall marketability, should we subsequently decide to sell it." Dairy Mart's tenant, TeleTech Holdings, Inc., is a leading provider of customer care management solutions to Fortune 500 and international companies. TeleTech expects to occupy approximately 20,000 square feet by mid-1998 and occupy the remaining space by the end of 1998. The lease runs for ten years with two five-year options. Dairy Mart Convenience Stores Inc., one of the nation's leading regional convenience store retailers, owns or operates more than 600 retail stores in seven states. Through consulting and licensing agreements, the company is also affiliated with over 200 stores in Korea and approximately 400 locations in Malaysia. The company is headquartered in Ohio, where there are approximately 400 Dairy Mart stores. Dairy Mart's web site address is www.dairymart.com. CONTACT: Dairy Mart Convenience Stores Inc. Gregory G. Landry, 330/342-6729 or Betty Weibel, 440/834-8615 |
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