Warehouse retailer Costco Wholesale Corp. (COST) will close its
two Costco Home stores in Kirkland, Washington, and Tempe, Arizona
on July 3.
The Costco Home stores, which sold home furnishings to members,
will be closed as their leases come to an end, the company said in
a press release Thursday.
"The current economic slowdown and resulting weakness in the
home furnishings business in particular have led us to conclude
that the single-format Costco Home concept does not fit into our
long-term expansion plans," said Costco Chief Executive Jim
Sinegal.
He said the company has no plans for other closures, aside from
relocation of warehouse facilities.
"The closure of the two Costco Home locations will have no
significant impact on the operations or financial results of the
Company," he said.
Staff affected by the closings will be offered transfers to the
company's other warehouses or other opportunities within the
company, and Costco said it doesn't expect any layoffs.
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