Costco Decides to Close Home Stores

Costco, the nation’s largest warehouse club, announced today that they’d be closing their two home furnishing stores, located in Kirkland, Washington and Tempe, Arizona. The company’s shares are up $1.67 at $48.01 on Nasdaq, but overall, they’ve reported an overall decline of 3% in February.

The home furnishing industry has been exceptionally hard hit be the economic slowdown. Costco’s stores will close on July 3, with the good news being that the company expects no layoffs. The company says that the Costco Home concept doesn’t really fit well with their long-term growth goals, so given their under-performance, it’s no surprise that …read more