The five facilities to be closed are Columbus, OH; Toledo, OH; Clearwater, FL; Osprey, FL and Tampa. Jacobson says it expects to begin store-closing sales at each location in a few weeks.
Jacobson's also announced that subject to court approval, it has reached agreement with Fleet Retail Finance Inc. and Back Bay Capital Funding L.L.C., both of Boston, for a $130-million commitment to provide debtor-in-possession financing for the company's reorganization requirements.
"Let me underscore that this was an exceptionally difficult decision for us to make," says Jacobson president and CEO Carol Williams. "After exploring other alternatives, however, we concluded that a court-protected reorganization is the best option for the company to address its financial challenges. This action will allow Jacobson's to maintainnormal business operations in our 18 best performing stores while restructuring our finances."
Prior to the announcement, Jacobson's operated 23 specialty stores in Michigan, Ohio, Indiana, Kentucky, Kansas and Florida.
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