Rex Stores (Dayton, Ohio) has decided to leave the electronics retail business and focus on its alternative energy investments. Last year, the company hired investment firm Brown, Gibbons, Lang and Company Securities Inc., to assist in identifying and evaluating alternatives for Rex’s retail segment, including selling its real estate portfolio.
The company operates 105 retail stores in 32 states (down from a peak of 226 stores in 2005). The company also has interests in four ethanol entities in addition to its retail stores. It hasn’t stated when or how it will leave the retail industry, but last year, the company agreed to lease 37 retail store locations to subsidiaries of Melbourne, Fla.-based Appliance Direct Inc.
For the quarter ended Jan. 31, the company’s retail sales were $47.6 million, down from $61.9 million the same quarter a year ago. Revenue from its energy segment added $19.8 million this year, for a total of $67.4 million, compared to $62 million in fiscal year 2007.