Homeland Reorganization Moves Forward
OKLAHOMA CITY - Homeland Holding Inc. announced on Monday its plans to sell 10 stores and close 16 stores as part of its reorganization initiative. The decisions are pending court approval and transaction finalization.
The remaining 44 stores will become the new foundation for a reorganized Homeland Stores Inc., the company says.
"As we have indicated previously, our objective has been to emerge from reorganization in a financial position that allows us to reinvest in our operations, employees and customers," said David B. Clark, Homeland President and CEO. "The divestiture of these stores represents a planned action aimed at strengthening our financial position by generating income, producing both short- and long-term savings and improving the overall efficiency of our operations."
The company will close or sell eight stores in Texas and sell one in Kansas, signifying an exit of operations from these two states. The remaining 17 stores targeted for either sale or closing are located in Oklahoma.
"While this is the right financial decision, we nevertheless sincerely recognize and appreciate the efforts of our associates and thank the loyal customers who shopped at these stores for several years," Clark said. Employees at these stores will be offered positions at other Homeland stores wherever possible.
Details of the various transactions were not disclosed due to confidentiality agreements between buyers and sellers.
Homeland currently operates 70 stores in Oklahoma, Texas and Kansas.
The remaining 44 stores will become the new foundation for a reorganized Homeland Stores Inc., the company says.
"As we have indicated previously, our objective has been to emerge from reorganization in a financial position that allows us to reinvest in our operations, employees and customers," said David B. Clark, Homeland President and CEO. "The divestiture of these stores represents a planned action aimed at strengthening our financial position by generating income, producing both short- and long-term savings and improving the overall efficiency of our operations."
The company will close or sell eight stores in Texas and sell one in Kansas, signifying an exit of operations from these two states. The remaining 17 stores targeted for either sale or closing are located in Oklahoma.
"While this is the right financial decision, we nevertheless sincerely recognize and appreciate the efforts of our associates and thank the loyal customers who shopped at these stores for several years," Clark said. Employees at these stores will be offered positions at other Homeland stores wherever possible.
Details of the various transactions were not disclosed due to confidentiality agreements between buyers and sellers.
Homeland currently operates 70 stores in Oklahoma, Texas and Kansas.