Andersons to exit retail business
The Andersons announced Sunday its plans to exit the retail business and close its remaining four retail stores in 2Q17. "The retail closings will have no impact on the company's grain, ethanol, plant nutrient and rail operations... During the past eight years the Retail Group has incurred pre-tax losses, including previous asset impairments, in excess of $20M and closed three stores. The full financial impact of this closure has not been determined. The company expects to record pre-tax impairment charges on long-lived assets related to the Retail segment of approximately $6.5M in 4Q16. The company expects to record a pre-tax charge in the range of $9M-$14M in 1H17 for severance costs and other costs associated with the closure. The company also anticipates that the full carrying value of its inventory may not be recoverable during the store liquidation process. Gains or losses are anticipated on individual properties upon sale," said The Andersons. The closing will eliminate approximately 650 positions in the Toledo area and 400 positions in Columbus, of which approximately 75% are part-time positions.