The board of directors for Community Grocers, Inc. in Mount Ayr will recommend to stockholders that the store either close or be sold to another entity.
Community Grocers opened in late 1996 after around 350 investors from Ringgold County or with ties to the county, secured the funds to open.
In an advertisement on page 3 of today’s Record News, the board gives a history of the store, why it was opened and what they think will happen if Mount Ayr again becomes a one-store grocery city.
The board cites slower grocery sales that are causing continuation of the store to not be a viable investment.
Over the past 23 years, Community Grocers says it has:
• Paid out over $8 million in wages.
• Paid over $170,000 in property taxes.
• Paid over $50,000 in scholarships and donations.
• Paid over $700,000 in shareholder dividends.
• Paid over $600,000 back in customer rebates and gas card discounts.
Community Grocers claims to have lowered grocery prices in Mount Ayr by over 10% since it opened.
The Record News will report on the vote of Community Grocers stockholders once it is complete and what plans are in place about the future of the business.
It is not clear if another buyer for the business can be secured, making closure a real possibility.
The board says that closing out the store will be a sad day for Ringgold County, but it seems inevitable.
