Magic Mart announces closure of all of its stores
TEAYS VALLEY, W.Va. — Liberty Square Shopping Center in Teays Valley, West Virginia, is losing another anchor store after Magic Mart’s owners announced the closing of all of its stores.
Magic Mart department stores are owned by Ammar’s Inc. and are based in Bluefield, Virginia.
On Monday, the company released a statement in a letter to its employees that said, “The reason for the closure is continued inadequate sales leading to substantial financial losses. We have attempted to address this issue in a variety of ways, but unfortunately, we have not been successful in these efforts. We thank you for your valued service to Ammar’s and we are sorry that this decision had to be made.”
The letter also says the company will provide employees with additional information, including benefits, over the next several weeks.
WARN, which stands for Worker Adjustment and Retraining Notification Act, letters were also delivered to all of Magic Mart’s employees.
The company said it expects to begin the liquidation in August and all locations are expected to be closed in November.
In April, the company announced the closure of its store in Lexington, North Carolina, and its Rainelle, West Virginia, location shut down in September 2014.
Ammar’s Inc. operates a number of Magic Mart stores in the region, including stores in Teays Valley, Danville and Pikeville, Kentucky. The company headquarters and warehouse are located in Bluefield, Virginia.
According to the Magic Mart website, Ammar’s Inc. is a family-owned company and has been doing business in four states, including West Virginia, Kentucky, Virginia and North Carolina, for almost 100 years.