McCrory Announces Changes In TG&Y Stores
YORK, Pa. (AP) _ McCrory Corp. will convert more than 500 of the TG&Y stores it recently acquired to McCrory discount variety stores, leaving about 200 of the subsidiary chain stores to be closed or sold, a spokesman announced Friday.
The conversion will bring the total number of McCrory variety stores to more than 1,200 nationwide, said Larry Ritchie, a McCrory spokesman.
Since McCrory bought the TG&Y stores in January, employees and trade sources have speculated that many of the TG&Y family centers would be closed or sold. McCrory currently operates 748 variety retail stores under five names, but does not have stores similar to the family center.
Although the TG&Y name will be retained, the merchandise and layout of the converted stores will be changed to fit the McCrory image, said Ritchie. Most positions at the converted stores are expected to be staffed by current TG&Y employees, he said.
TG&Y has about 730 stores nationwide, primarily in the Southern states. One-third of those are the smaller variety store; the rest are family centers.
The conversion of the 500 stores should be completed by November, Ritchie said. Those stores that are larger than appropriate for a variety store will be reduced and the excess space will be sublet, he said.
The approximately 200 remaining TG&Y stores will be closed and offered for sale, Ritchie said. He said he could not estimate how many employees would be affected.
″We are in the process now of notifying the stores that will be closed,″ Rithcie said. ″We hope that as many as possible of those we sell will be used for retail outlets.″
Alhough no official roster has been made of the stores that will be closed, McCrory announced last week that ″the substantial majority″ of the approximately 80 TG&Y stores in Oklahoma are expected to survive the closings.
McCrory said previously that TG&Y headquarters in Oklahoma City will be consolidated with McCrory headquarters by October.
McCrory reported that 180 headquarters jobs were eliminated simuntaneously with the announcement that the headquarters would close. It said the 800 positions at headquarters would be substantially reduced as the office is integrated into McCrory’s headquarters.
The company said it would retain a regional office in Oklahoma City.
George Harvin, director of expansion for Rose’s Stores Inc. in Henderson, N.C., confirmed his chain’s interest in buying some TG&Y sites.
″We would be interested in a small number of stores in the Rose’s trade area,″ he said. ″We have had much less (discussion with McCrory) than I would like.″
Harvin said Rose’s operates 209 stores in six southeastern states.