The Andersons, Inc. will exit the retail business and close its remaining four retail stores in the second quarter of 2017. The retail closings will have no impact on the Anderson’s grain, ethanol, plant nutrient and rail operations.
The four stores in Maumee, OH; Toledo, OH; and two stores in Columbus, OH, stock and sell groceries, home goods, tools and hardware, pet care, automotive and clothing. During the past eight years the retail group has incurred pre-tax losses, including previous asset impairments, in excess of $20 million and closed three stores.
“The decision to close The Andersons stores was not easy for anyone involved,” says CEO Pat Bowe. “Choosing to cease a business that has spanned 65 years and employs about 1,050 people is tremendously difficult.”
Of those employed by the retail stores, approximately 75% are part-time positions and the company will provide employees with severance packages and outplacement services to assist them in their career transitioning.
Founded in Maumee, Ohio, in 1947, The Andersons is a diversified company rooted in agriculture conducting business across North America in the grain, ethanol, plant nutrient and rail sectors. The company’s 2015 revenue was $4.2 billion. And the company has more than 100 locations in the U.S. employing about 3,400.