Photos
The stores closing here are in west Olympia, Tumwater and Lacey, off Yelm Highway, said Gayle Holder, manager of the Dollar Store in the 400 block of Cooper Point Road. The locations here are not to be confused with The Dollar Tree, which also operates three stores in Thurston County, according to its website.
Holder, who has been a manager at the west side store for two years, said she was shocked to learn the store was closing and said it will be missed by its regular customers, including those who used food stamps there.
Holder said she has increased her staff to nine people to accommodate a boost in business now that the store is offering sales of 20 percent to 50 percent off merchandise that used to cost $1. The 16,500-square-foot store sells household items and food, including produce and dairy products, she said.
Holder attributed the decision to file bankruptcy to the slower economy. Although the store sold most of its products for $1, the Olympia store had to raise its food prices to cover its costs, she said. Other stores near the Dollar Store, such as Hollywood Video, also have closed in the slower economy, which has reduced customer traffic, Holder said.
In Washington and Oregon, 38 Dollar Stores were operated by Liquidation Outlet Inc. of Puyallup until the company sought Chapter 11 bankruptcy protection in March. President Gary Woodring could not be reached Tuesday.
An employee, who asked that her name not be used, said the Dollar Stores since has been acquired by Hilco Merchant Resources, a Chicago-based company in the process of liquidating the Dollar Stores’ assets, fixtures and equipment. In its bankruptcy filing, Liquidation shows assets of $16.1 million and liabilities of $7.4 million, according to the U.S. Bankruptcy Court for the Western District of Washington.
The bankruptcy documents contend the stores were making little profit.
Average monthly income for the chain was listed as $2,136,387, with expenses listed as $2,135,705, a $682 monthly difference. Cash assets in several bank accounts were listed as just $8,437.
Customers at the Olympia store Tuesday said the store will be missed.
“I think it’s a shame in today’s economy,” Kim Byers said about the store. “It offered food and a good assortment of everyday needs.” Byers said she typically saved $25 to $50 each time she shopped at the store, but she said she saved about $100 Tuesday as a result of discounted prices.
Longtime customer Lois Kristen said she shopped at the store to save money on pet-related costs, and Lucy Neumeyer of Olympia and Debbie Ray of Arlington said the store was good for gift cards, wrapping paper, cleaning products and reading glasses.
Rolf Boone: 360-754-5403 rboone@theolympian.com www.theolympian.com/bizblog
Staff writer John Gillie contributed to this report.
