Another empty building coming soon…
WEEK.COM: Oct 03, 2006 - After nearly 50 years in business, K’s Merchandise Mart is going out of business and will close its 17 stores in the Midwest, including the Peoria and Bloomington stores.
Bill Weinstein, President of K’s Merchandise Mart, says based on the September sales reports, he has to acknowledge that K’s cannot overcome the competitive threats it faces in every market it serves.
In January of this year, K’s primary lender declared the company in default. After an out of court agreement with creditors, a private group pumped cash into the retailer. But according to Weinstein, the hope for a sales rebound has not materialized. The stores will be closed tomorrow, and will re-open October 5th for liquidation sales.
The Cedar Rapids Gazette reports: “Bill Weinstein, president of the Decatur, Ill., chain, said the company will honor all its obligations to creditors and to its employees.”
I hope that’s true. If they do honor their debts, then at least they went out with class…
Link to a previous post of mine: Firesale coming to K’s Merchandise.
October 3rd, 2006 at 5:19 pm
three words….walmart.
October 4th, 2006 at 11:21 am
Was that a Joseph building by chance? I can’t imagine another empty store front in North Peoria.
October 4th, 2006 at 12:50 pm
Menard’s is moving soon, so there’ll be another empty building. Northpoint has been half-empty for years and North University between Willow Knolls and Pioneer “The Betty” Parkway is nothing but and endless stream of for sale and for rent signs.
Yet, out here is where everyone wants to move.
October 5th, 2006 at 9:25 am
Wow
More room for another Big Lots.