New Jersey-based Jamesway Corp., which reported yesterday that it lost $17.6 million in the fiscal year that ended Feb. 2, said it will close one of its stores in Maryland and 10 others chain-wide to improve its financial condition.
The Aberdeen store, on West Belair Avenue in the Aberdeen Shopping Plaza, is scheduled to close within 80 days, said Amy Ludwig, a spokeswoman for Jamesway. She said the 5-year-old store, which employs about 50 people, is unprofitable.
"We are making every effort to place these workers in nearby Jamesway stores," Ms. Ludwig said. "And we are trying to find a tenant" to take over the roughly 65,000-square-foot space at the plaza.
Jamesway, which sells discount health and beauty aids and apparel, has nine other locations in Maryland, including Carrolltown Mall, Constant Friendship Shopping Center, Mount Airy, Ridgeview Plaza and Lakeshore Plaza.
Jamesway employs about 300 people in the state.
The retailer has 134 stores in the mid-Atlantic region.
"The 11 stores [that will close] have not been profitable locations and do not appear to have the potential to become profitable for Jamesway in the near future," the retailer said yesterday in a prepared statement.
The closings are expected to help Jamesway by generating a significant amount of cash and are expected to improve operating results for this year.