But retailer discloses a bullish expansion and renovation program
Posted September 20, 2000
Stern's will close its 33rd Street department store in Manhattan, and one at the Nanuet Mall in Rockland County, N.Y., by March 2001. The two stores, both former Abraham & Straus units, had seen increased profits but insufficient sales growth to offset the high occupancy and operating expenses, according to president James Andress. On the plus side, Stern's said it plans to spend roughly $120 million in capital expenditures over the next three years on new stores and renovations. That will include a new store in South Brunswick, N.J. (to open this fall) and extensive renovations on its stores in Bayshore, N.Y., and Paramus and Jersey City, N.J. Stern's is a Paramus, N.J.-based division of Federated Department Stores.