Rex Stores embarked on a new round of store closings, shutting lo...
Rex Stores embarked on a new round of store closings, shutting locations in five states, according to local news reports. Stores in Alton, Ill., Enid, Okla., Indiana, Pa., Jefferson City, Mo., Pensacola, Fla., and Rutland, Vt., are conducting 25 percent…
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discount sales as they prepare to close, industry officials said. Rex’s closing in Pensacola signals its departure from that market after a 30-year presence, a local newspaper reported. The chain is keeping a warehouse in Pensacola that serves Southeastern U.S. markets, including three stores in Mobile, Ala. The Jefferson City store is Rex’s last in Missouri. Rex, which peaked with 262 stores in 37 states in 2000, had 105 in 32 as of late October. That was down from 110 stores in 34 states in September. Rex shut eight locations in 2008. Rex hired Brown Gibbons Lang & Co. in June to weigh plans for its stores, including a possible sale (CED June 26 p4). The firm also is helping Rex find ways to turn its real estate holdings into cash while keeping investments in ethanol plants. Rex sold land near its Cheyenne, Wyo., warehouse earlier this year. Rex was expected to complete the review of its stores by late November (CED Sept 10 p6), but appeared to extend it (CED Dec 10 p6). In December, Rex CEO Stuart Rose told analysts in a conference that he was “more optimistic” about retail.