Price Co. said Monday it plans to...
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Price Co. said Monday it plans to shutter its Price Club discount warehouse location near Buffalo., N.Y., on March 3, the first ever closing of a Price Club.
A Price Co. official said the closing is due to lower than expected revenue at the Cheektowaga, N.Y., location which opened last July. Although the company declined to disclose the sales level at the store, a typical Price Club averages more than $110 million in annual sales.
San Diego-based Price Co. operates 66 Price Clubs in the United States and Canada, and plans to open 12 more locations in calendar 1991, a spokesman said. A typical Price Club employs about 250, he added.
Sarah Stack, a retail analyst at Bateman Eichler, Hill Richards securities firm in Los Angeles, said the closing of the Price Club in Buffalo is “not that significant . . . . They would rather have management focus on expansion rather than try to keep a terminal situation alive. It’s not reflective of the overall prospects for the company.”
Price Co. stock closed at $42, down $1.75 in over-the-counter trading Monday. News of the closing, however, occurred after the stock market had closed for the day.
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