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Ohio-based Rex Stores To Exit Retail Industry

DAYTON, Ohio (AP) ¿ Dayton-based Rex Stores Corp., which operates a chain of consumer electronics stores, plans to exit the retail business by January.

Chairman and CEO Stuart Rose said Wednesday that 41 of the 90 stores the company operates will be leased to other companies.

Rose says the company is working to find jobs for affected employees and believes some will be hired by companies leasing the stores.

Wednesday's announcement came as Rex reported a loss of $5.4 million for the three months ended Jan. 31, compared with a profit of $5.9 million a year ago.

The company plans to maintain its alternative-energy business. It has invested in efforts to build and operate ethanol-producing plants.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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