Cost Plus to close 26 stores to cut costs
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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
