Tuesday, July 22, 2014         

 Print   Email   Comment | View 24 Comments   Most Popular   Save   Post   Retweet

Price Busters closing all 8 Hawaii stores by mid-January

By Kristen Consillio

LAST UPDATED: 04:06 p.m. HST, Dec 13, 2013

<br />20110910-54 BSN PRICE BUSTERS<br />Price Busters Let's Party store at Kapolei Commons.  This is (l-r) Jaymie Peneyra with daughter, Destiny Daoang (5) and father, Dayne Daoang with their other daughter, Deish-Lei (2) walking around the store.  They came in to buy a notebook folder for school, but also bought other stuff.  PHOTO BY DENNIS ODA.  AUG. 10, 2011.<br />

The owner of Price Busters said it is closing all eight Hawaii stores next month, laying off about 190 employees.

Retail Partners Hawaii, a venture formed in 2010 by The MacNaughton Group and Kobayashi Group to purchase the discount chain out of bankruptcy, said it has worked "diligently to fund the business and manage operations in an attempt to turn it profitable," but failed to drive margins sufficiently to cover the increasing costs of business.

"The seasonal promotional windows were not enough to drive top line revenue, while revenue and margin were also being diluted by increased competition," Jeff Arce, partner and chief financial officer at The MacNaughton Group, said in a statement. "Another key factor has been the ongoing increases in the cost of operating the business, including utilities, occupancy, shipping, health care and other benefits."

Price Busters plans to liquidate all merchandise in the stores over the holidays and said it will heavily discount items until they are sold.

The company said it has notified all workers at its stores that will close by mid-January.

"Of course this was an incredibly difficult decision and you never want to put people out of a job," Arce said. "Ironically that is one of the reasons we bought the business in the first place. We did save jobs and kept rent in place for three more years and we invested a lot of money doing so, but of course we still feel bad for everyone."

 Print   Email   Comment | View 24 Comments   Most Popular   Save   Post   Retweet

You must be subscribed to participate in discussions
By participating in online discussions you acknowledge that you have agreed to the TERMS OF SERVICE. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. Because only subscribers are allowed to comment, we have your personal information and are able to contact you. If your comments are inappropriate, you may receive a warning, and if you persist with such comments you may be banned from posting. To report comments that you believe do not follow our guidelines, email commentfeedback@staradvertiser.com.
Leave a comment

Please login to leave a comment.
Hapa_Haole_Boy wrote:
Now where to buy goodies before going to the movies??
on December 13,2013 | 03:12PM
redassbaboon wrote:
Thats where I get my goodies for the movies .........SAD !!!!!
on December 13,2013 | 03:23PM
Mahalo wrote:
My party supply store :(
on December 13,2013 | 03:41PM
oldmom wrote:
Hmmm....healthcare, interesting.
on December 13,2013 | 04:29PM
nitpikker wrote:
they shouldn't have gone into the major malls. premium rents.
on December 13,2013 | 04:41PM
BIG wrote:
on December 13,2013 | 05:01PM
Maneki_Neko wrote:
The MacNaughton Group and Kobayashi Group deserve accolades for trying to keep this local business afloat. Unfortunately they never brought in the right management team and right retail skills, preferring to try and run it internally and the lack of a good strategy, including smart location planning, doomed the business. Retail is tough.
on December 13,2013 | 05:10PM
GooglyMoogly wrote:
You're kidding, right? They didn't do too badly running all the Jamba Juices (and for a time, the Starbucks) in Hawaii. Check your facts before you start spouting incoherent nonsense.
on December 13,2013 | 07:24PM
localguy wrote:
Completely different product and customer base. Apples to oranges. Rookie poster.
on December 13,2013 | 09:57PM
aomohoa wrote:
The one in Kapolei is in a great location. Dumb comment.
on December 13,2013 | 07:53PM
soundofreason wrote:
"but failed to drive margins sufficiently to cover the increasing costs of business............"...................BUSINESS COSTS IN HAWAII!!!.
on December 13,2013 | 06:10PM
soundofreason wrote:
on December 13,2013 | 06:41PM
dontbelieveinmyths wrote:
Boy, the liberals would be saying, "see, if we raise the minimum wage, everything would be fine.".
on December 13,2013 | 06:25PM
HonoluluHawaii wrote:
This is a test of the Emergency Broadcast System. It has been determined that _____ has been occurring with regularity. Please ignore any messages that may have inadvertently been released. Code 413, please return with an affirmative reply. This is a recording, code 413.
on December 13,2013 | 07:14PM
HonoluluHawaii wrote:
It's a bad business model. Case closed.
on December 13,2013 | 07:16PM
HonoluluHawaii wrote:
It's a bad business model. Case closed.
on December 13,2013 | 07:16PM
matsuyama wrote:
This store gets enough business to have survived if it wasn't for the Socialist State of Hawaii's unfriendly business climate. Businesses in Hawaii are forced to pay through the nose to fund the Democratic government bureaucracy, union, and social welfare machine.
on December 13,2013 | 08:35PM
Shotzy wrote:
Well said, and right on the $.
on December 14,2013 | 04:09AM
aomohoa wrote:
Too bad. I love that store. I get holiday stuff there all the time.
on December 13,2013 | 07:52PM
niimi wrote:
Wasn't the food stuff there expired?
on December 13,2013 | 09:53PM
localguy wrote:
Just another rookie poster showing they haven't got a clue.
on December 13,2013 | 09:57PM
foliefolie wrote:
You obviously have not actually shopped there. They did not sell expired food products.
on December 16,2013 | 12:12AM
niimi wrote:
Regardless, if you can't win in the discount goods business you can't survive any business. Dollar Tree is making a killing out there.
on December 13,2013 | 09:53PM
Drazil wrote:
It's just a store, and it's just "stuff", but it offers products that provide a smile, a good buy, and a selection that is affordable. It's so sad that Hawaii has no place, like a Dollar store, a Big Lots, that you can get discounted "happy's". Why not try and keep one store open, just one, or maybe two. You are a one of a kind store and have made so many friends and loyal fans. It's just sad to see another business in Hawaii fail that is for the masses, what are the factors that are so toxic in Hawaii that kill off businesses so quickly?
on December 14,2013 | 02:36AM
Breaking News