Cost Plus to close 26 stores to cut costs

Specialty retailer Cost Plus Inc. said today that it was closing 26 stores and exiting eight media markets in response to the challenging retail environment.

"We were disappointed with our holiday sales results and larger-than-anticipated markdowns resulting from the tough economic climate and exceptionally poor weather conditions in certain geographic areas," said Barry Feld, chief executive of Cost Plus.

Feld added that the company would also implement other cost-cutting measures including laying off some employees.

Cost Plus did not specify which locations would be closing. The company currently operates 296 stores in 33 states.

The chain sells mainly home decor such as furniture, bedding and candles.

-- Andrea Chang

Photo: Interior designer Kelly Wearstler leaves a Cost Plus at the Farmers Market in Los Angeles. Credit: Al Seib / Los Angeles Times

Comments

[Simonian]

Ouch. Cost Plus is a major anchor store for a number of commercial real estate centers. I'll call the different Cost Plus's in the area to find out which ones will be having the clearances and when the sales will be and post the results on www.LiquidationMob.com I'll miss the store, but I'm looking forward to the sales!

[EnigmaNetx]

January 12th, 2009

Very Sad about this...
I Grew up with CostPlus everything, fresh out of college!
They were my Ikea/martha stewart in the 60's.

I also had a business relationship with them as a Print Vendor
for many of their In-House Marketing materials.

I've met and made friends with a special group of people.
I Hope their Jobs arent on the line. Oakland CA Store on 4th Street

Happy New Year to the Staff! GOD Speed.

EnigmaNetx/Nadi

[Big Jim Slade]

I appreciate the store we have in Pasadena very much. Please keep it open!

[Greg Hiscott]

You know what? The demise of cost plus is a good thing. While they provided some jobs here they also provided many more jobs... overseas. Much of what they sold could have been made over here. They were facilitating the export of a lot of our cash to oversea markets.

Perhaps they can re-make themselves as a retailer of products made in the US and pitch their offer of value based on the claim that buying from them helps our economy more.

[Ann]

That photo is not of just a "shopper", it's Kelly Wearstler. You guys just did an article on her in the Times last month.

[Greg]

This sucks !!!!

I hope the one at Farmers Market does not close. Cost Plus has great wines. I buy all my Vino & Bubbly from there.

PLEASE DON'T CLOSE......

You rock.... I do not want to go back to the bad Vino at Trader Joe's..

G

[LAT reader]

Hey Ann, Sshhh!!!

You're making the LAT look kinda bad. I mean if they're going to recycle images or use general stock footage it's one thing, but not specifically attributing the photo to it's original LAT usage is a sloppy omission/captioning or disingenuous. That said, I truly don't mind them re-using quality work from a skilled photojournalist like Al Seib. At least they aren't using junk freebie work from amateurs/"i-reporters", THAT would pretty well make this news source unreadable for me. BTW, I'm not a photojournalist myself and I don't have any connection to the industry, but I am a longtime photographer/LAT reader.

[oakmonster]

Oh no! Please don't take away my dealer...I mean seller...of Tim Tams!

[Inez]

Pol McCartney roubou o filho da bariga de uma senhora, no Brasil e o levou consigo, como se nada tivese acontecido. Ele pagou um traficante de drogas para ajudá-lo a fazer isso. Ladrão de feto, covarde. Não vale nada e ainda faz ameaças. Não temos medo de covarde que age na calada da noite. Pensa que vai me calar com teu dinheiro? Engano teu, vou continuar te denunciando para o mundo todo saber quem você é.

[Ann]

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Any Portuguese translators around???

[The Answer]

I hope the stores open again when the economy gets better. They've got a good beer and coffee selection. By the way, ANYONE who advocates or supports products that are being made overseas to instead be made in the USA had better be sure that they are willing to pay extra for the cost of producing here in this country. The wages and benefits will increase the cost of US production, no matter what the product or good, or even service. I'm not saying everything should be made overseas, I just think that if this is what people want (the low prices at Walmart, Target, etc.) we better be willing to have those prices go up in exchange for the jobs.

[LAT reader]

Thanks for updating the caption! In rereading my last comment, I was a tad harsh. Thankless work to be sure. I'm just glad we're getting actual coverage with real reporting and good photography.