Elder-Beerman to Close Store in Evansville, Indiana.Business Editors DAYTON, Ohio--(BUSINESS WIRE)--Sept. 29, 2000 The Elder-Beerman Stores Corp. (Nasdaq:EBSC EBSC Elder-Beerman Stores Corp. EBSC East Bay Sanctuary Covenant (Berkeley, CA) EBSC Embedded Bitmap Scaling EBSC Elmbrook Swim Club (Brookfield, Wisconsin) EBSC English Bay Swim Club ) announced today that it is closing an underperforming department store in the Washington Square Mall Washington Square Mall is the name of several shopping malls:
Evansville (IPA: [ˈɛ.vənzˌvɪl]) is the third-largest city in the state of Indiana. . The store's lease has expired and the company determined not to renew it. Elder-Beerman operates nine other stores in Indiana, and has announced that in November it will open another new store in the company's concept store format in Jasper, Indiana Jasper is a city in Dubois County, Indiana, United States. The population was 12,100 at the 2000 census. The city has been the county seat of Dubois CountyGR6, since 1830, succeeding Portersville. . The nine additional Indiana stores are located in Anderson, Columbus, Elkhart, Kokomo, Marion, Muncie, Richmond, Terre Haute Terre Haute (tĕr`ə hōt, tĕr`ē hŭt), city (1990 pop. 51,483), seat of Vigo co., W Ind., on the Wabash River; inc. 1816. , and Warsaw. Frederick J. Mershad, chairman and chief executive officer, stated, "Our Evansville store is located in an older mall that lacks a strong tenant base. Our lease is up for renewal and we are taking the opportunity to leave a location that has been trending downward." Elder-Beerman currently employs 121 full-time and part-time associates in its Evansville store. The company has some employment opportunities for Evansville associates at its new Jasper location. Those not able to be transferred will receive a severance package A severance package is pay and benefits an employee receives when they leave employment at a company. In addition to the employee's remaining regular pay, it may include some of the following:
The company anticipates closing the store prior to fiscal year-end Fiscal Year-End The completion of a one-year, or 12-month, accounting period. Notes: The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. , and expects to incur incremental store closing costs Closing Costs The numerous expenses (over and above the price of the property) that buyers and sellers normally incur to complete a real estate transaction. Costs incurred include loan origination fee, discount points, appraisal fee, title search, title insurance, survey, taxes, of $1.0 million to $1.5 million in the fourth quarter of fiscal 2000. The nation's ninth largest independent department store chain, The Elder-Beerman Stores Corp. is headquartered in Dayton, Ohio and now operates 62 department stores in Ohio, West Virginia, Indiana, Michigan, Illinois, Kentucky, Wisconsin and Pennsylvania. Elder-Beerman also operates two furniture superstores. The company has announced a new concept store in Jasper, Indiana scheduled to open in November 2000. This press release contains "forward-looking statements," including predictions of future operating performance, events or developments such as our future sales, profits, expenses, income and earnings per share. In addition, words such as "expects," "anticipates," "intends," "plans," "believes," "hopes," and "estimates," and variations of such words and similar expressions, are intended to identify forward-looking statements. Because forward-looking statements are based on a number of beliefs, estimates and assumptions by management that could ultimately prove inaccurate, there is no assurance that forward-looking statements will prove to be accurate. Many factors could materially affect our actual future operations and results, including the following: increasing price and product competition; fluctuations in consumer demand and confidence; the availability and mix of inventory; fluctuations in costs and expenses; the effectiveness of merchandise strategies, advertising, marketing and promotional programs; weather conditions that affect consumer traffic in stores; the continued availability and terms of financing; the outcome of pending and future litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. ; consumer debt levels; and other general economic conditions that affect retail operations and sales, such as the rate of employment, inflation and interest rates and the condition of the capital markets. Elder-Beerman undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. |
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