January 31, 2008

Memphis Pamida NOT Among Sixteen Stores Being Closed

The recent announcement of store closings across northeast Missouri had Scotland County residents worried about the future of their Pamida Store. But company executives have reassured the community that its Pamida was not among the 16 stores being closed by the franchise.

“The Memphis store is not being closed,” said Pamida Public Relations Director Kerry Heinrich. “We review the stores periodically and it was determined that the 16 stores being closed were not generating sufficient sales.”

Initial reports of the closings sparked concern that the Memphis store would be among the cuts.

“It makes you stop and think what would we do without that store in Memphis,” said resident Shelley Small. “I think this news will make us all think twice about shopping locally when we can. Not only is it convenient to have right here in town, but Pamida also has a history of giving back to our community.”

Overall the Omaha, NE, based company maintains 207 stores, including 12 stand-alone pharmacies across 16 states, mostly in the Midwest.

The 16 stores scheduled for closing have already begun inventory liquidation sales that are expected to last approximately 10-14 weeks according to Heinrich.

“The stores will sell down existing inventory over the next two to three months before closing,” she said. “We are working with employees to try to identify possible transfer opportunities as well as on defining benefit and severance package proposals for those that are not interested in relocating.”

The recent announcements marked the first store closings since May of 2006.

Pamida is owned by an affiliate of Sun Capital Partners, Inc., a leading private investment firm. The group purchased the store chain from Shopko Stores, Inc. in 2005.

Sun Capital affiliates have invested in and managed more than 175 companies worldwide since Sun Capital’s inception in 1995, with combined sales in excess of $35 billion and more than 150,000 employees. The company’s holdings portfolio includes Boston Market, Berkline Benchline, Fazolis and Hickory Farms just to mention a few.

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