MINNEAPOLIS, May 19 (UPI) -- Nash Finch Co. of Minneapolis said Wednesday it plans to close approximately 21 stores and exit two Avanza retail formats.
The national food retailer and distributor said it will close its five Buy n Save outlets, and three Avanza outlets in Chicago and Pueblo, Colo.
At this time, Nash Finch said it intends to seek purchasers for its three Denver area Avanza stores. It will also close 10 conventional outlets, primarily operating under the EconoFoods banner.
The 21 stores involved represent approximately 15 percent of the company's annualized retail sales and approximately 3 percent of its total annualized sales.
Nash Finch said it expects the store closures will be completed by the end of its second fiscal quarter.
Nash Finch said although the decision to close stores was difficult, it has determined prospects for improvement at these locations and formats within an acceptable time frame are not sufficient to justify continued investment.
