HONOLULU (HawaiiNewsNow) - Retail Partners Hawaii LLC announced on Friday that they will be closing all eight Price Busters stores in Hawaii by mid-January of 2014.
Retail Partners Hawaii, formed in 2010 by The MacNaughton Group and Kobayashi Group to purchase Price Busters out of bankruptcy in November of that year, has worked diligently to fund the business and manage operations in an attempt to turn it profitable.
"The entire Price Busters team has always strived to provide great merchandise at great prices but we found that we just could not drive our margins sufficiently to cover the increasing costs of running the business," stated Jeff Arce, a partner and Chief Financial Officer at The MacNaughton Group. "We currently have approximately 190 employees and our primary concern is to ensure that our loyal and hardworking employees are taken care of fairly under the circumstances. Of course this was an incredibly difficult decision and you never want to put people out of a job.
Ironically that is one of the reasons we bought the business in the first place. We did save jobs and kept rent in place for 3 more years and we invested a lot of money doing so, but of course we still feel bad for everyone."
Price Busters plans to liquidate all merchandise in the stores over the holidays and will be heavily discounting all merchandise until it is gone. "The customers will actually be getting great deals on the entire remaining inventory and we welcome everyone to come in and take advantage of the deals and help say goodbye" said Julie Plant, Price Busters' Director of Store Operations.