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Arden Group, Inc. (Nasdaq:ARDNA) announced that its wholly-owned subsidiary, Gelson’s Markets, which operates eighteen full-service supermarkets in Southern California, will close its Gelson’s store located in Northridge, California after the close of business on Saturday, February 25, 2012. The Company’s decision to close the store was based on the lack of profitability of the Northridge location for the past several years. The Company is currently considering possibilities to assign or terminate its lease or sublet the property, but no agreement has been reached. Gelson’s currently intends to pay rent and related charges as required under the lease until such point at which it is no longer obligated to do so. All currently active employees at the Northridge location will be offered employment at other Gelson’s locations.
Gelson’s is currently determining the amount which it will reserve for the costs related to the closing of the store; such as, the costs to transfer excess product to other Gelson’s locations, to dispose of product which cannot be transferred, to shutdown and relocate equipment and to maintain the store after closing. In addition, Gelson’s will also reserve for future costs to be incurred, such as rent and common area charges.