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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Business

Business

The Andersons Announces its Closings

The list of companies to close their doors seems to get longer. The Andersons says it will close its Columbus and Toledo-based stores along with two other sites. The company says its retail business has been steadily losing money over the years and plans to shut down sometime between April and June.

The Andersons started in 1952 by the agribusiness that has brought in more than $4.2 billion in revenue. Yet the retail chains only pulled in an estimated $140 million. Over the past few years it’s been evident that the retail hasn’t been doing so well. It pulled in a pretax loss of $2.6 million around the first six months of 2016.

In a mandatory meeting at one store, employees were told of the stores closing. The retailer promised to aid its employees in their future job searches as well as provide them with severance. Employees at the store on Talmadge Road, however, didn’t appear too enthused after their meeting. Someone from human resources described the situation as “the worst day.”

The closure of the retail chain is a drastic blow the community. For almost seventy years, The Andersons provided all types of options for its shoppers. The store even earned its key slogan “A store like no other” by offering thousands of items from groceries o household furniture. However, the chain lost more than $20 million within the last eight years of business.

In a meeting deciding the fate of the retail company, Mike Anderson who is not only the founder’s grandson but current chairman said, “A few years ago we put quite a bit of money back in the stores and we got a little bit of a lift, but it didn’t last.”

The closing of the stores in Columbus and Toledo effects a total of 1,050 employees who will soon be without jobs. Although the retail stores will close, the grain, plant, ethanol and rail aspects that The Andersons established remains untouched.


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