Newspaper article THE JOURNAL RECORD

Homeland to Sell 10 Stores, Close 16

Newspaper article THE JOURNAL RECORD

Homeland to Sell 10 Stores, Close 16

Article excerpt

Homeland Stores soon will be a pure Oklahoma company, based upon a reorganization plan filed Monday by parent company, Homeland Holding Inc.

The company will sell 10 stores and close 16, according to the plan -- leaving Oklahoma City-based Homeland with 44 stores, all in the Sooner State.

"The positive message of all this is that these 44 stores will become the foundation upon which our future will be built," said Homeland President and Chief Executive David B. Clark.

"As we have indicated previously, our objective has been to emerge from reorganization in a financial position that allows us to reinvest in our operations, employees and customers. The divestiture of these stores represents a planned action aimed at strengthening our financial position by generating income, producing both short- and long-term savings and improving the overall efficiency of our operations."

Clark wouldn't disclose how much is expected to be saved by these moves.

It's also not known what will become of the company's 4,000 employees.

"We will offer opportunities to as many of our employees as possible to allow them to transfer to other stores," Clark said. "Some of our unionized employees have rights to transfer to other stores and some of our management team will be transferred."

Homeland is negotiating the sale of 10 stores, but Clark refused to reveal the names of potential buyers.

"I certainly hope that whoever buys these 10 stores will take a strong look at the people there and consider retaining them," Clark said.

The reorganization comes after a thorough business and financial analysis, Clark said.

"Over the course of the past few months, we identified the most effective way in which to reconfigure and redirect our resources to achieve our objective," he said. "From a business standpoint, the remaining stores complement the immediate and future growth strategies of Homeland Stores Inc."

Many of the 44 stores are in rural Oklahoma, which is one of the company's strong points. …

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