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Management of North Towne Mall was dealt a hard blow recently by the senior executives Elder-Beerman Stores Corp. The mall, which is already dealing with a significant amount of vacant space, received notice that Elder-Beerman, which is one of the anchor stores in the mall, had decided to close its North Towne store.
The announcement from the Dayton-based Elder-Beerman came as part of the company's Chapter 11 bankruptcy reorganization. In addition to Elder-Beerman's North Towne location in Toledo, the company is closing a store in Carbondale, Illinois.
The closings were decided on the basis of a comprehensive store analysis by the company that reportedly shows the two stores are "underperforming," company President and CEO Fred J. Mershad said adding there would be no additional store closures resulting from Chapter 11 proceedings.
Because the two stores are "underperforming," the company has rejected the leases under provisions of the U.S. Bankruptcy Code. Elder-Beerman has been operating under Chapter 11 protection since October...