Seaway Valley Capital Corporation, a diversified holding company, announced that wholly owned subsidiary Hackett's Stores, Inc. has decided to immediately close its Pulaski store and eventually close its Watertown store after a projected eight week store liquidation sale that begins Thursday, April 9.
The decision was motivated primarily by Hackett's need to accelerate the repayment of its senior line of credit, but the decision was also influenced by the weaker economy and the desire to focus the company's operations on more strategic locations. Hackett's Pulaski store is in its smallest market, yet the store is its largest at approximately 60,000 square feet. In Watertown, where competition is most prevalent, the store is approximately 56,000 square feet.
Thomas Scozzafava, CEO of Hackett's, stated, "While we never like closing stores, the reality of today's market is that a company must be highly focused on answering the simple questions of what goods or services a particular market is in need of, can your company deliver those goods or services, and is the venue offered to the company appropriate to execute that? When we answered these three basic questions it wasn't clear these locations made sense for the company."
Mr. Scozzafava continued, "Looking at the situation in a more positive light, closing the stores will allow us to allocate more time and capital to Hackett's remaining operations as well as possibly new stores in more strategic locations." Mr. Scozzafava added, "Hackett's will still work to open new stores - with a particular focus on Lake Placid and Queensbury, but we absolutely must deal with the situation in front of us first."
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