USA: Elder-Beerman To Close Store In Evansville, Indiana
The Elder-Beerman Stores Corp (Nasdaq:EBSC) announced today that it is closing an underperforming department store in the Washington Square Mall in Evansville, Indiana. The store's lease has expired and the company has decided 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. The nine additional Indiana stores are located in Anderson, Columbus, Elkhart, Kokomo, Marion, Muncie, Richmond, Terre Haute, and Warsaw. Frederick J. Mershad, chairman and chief executive officer, said: "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 and career transition seminars in accordance with company policy and industry standards. The company anticipates closing the store prior to fiscal year-end, and expects to incur incremental store closing costs of $1m to $1.5m in the fourth quarter of fiscal 2000. The nation's ninth largest independent department store chain, The Elder-Beerman Stores Corp is based 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.
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