Ames to replace Caldor at Redstone Shopping Center
Published on March 10th, 1999
STONEHAM, MA - The sale prices are a bittersweet reminder of what is really happening.
Caldor, the Redstone landmark, is readying to close its doors with Sunday anticipated to be its last day of business in Stoneham.
The chain has been in bankruptcy for the past three years, and announced in January that it would be closing the doors of its 145 stores for good.
For Stoneham, that is an unfortunate move, to say the least, since Caldor's fate is shared by Bed and Bath, also in Redstone Shopping Center, and the Boston Regional Medical Center. All three businesses had announced closings within weeks of each other earlier this year.
What will replace the hospital and the two retail spaces is a matter of much speculation around town, but some information has come to light recently regarding the fate of Caldor.
According to both the Boston Globe and the Boston Herald on Tuesday, the discount chain Ames Department Stores, Inc. has offered the Norwalk, Connecticut based Caldor $40 million to purchase eight stores, including Stoneham, along with Caldor's 650,000 square foot warehouse in Westfield.
The offer must still be approved by the U.S. Bankruptcy Court.
When reached for comment on Tuesday, Town Administrator Jeffrey Nutting stated that the town has not received any news regarding the sale.
Likewise, one Caldor manager at Redstone told the Independent that nothing official has been released to the employees of such a move by Ames.
Ames is headquartered in Rocky Hill, Connecticut. A spokesman for that company told the Herald that the purchase did not include Caldor personnel.
Other retailers who have made offers for various Caldor stores include Wal-Mart Stores, Inc., K-Mart Corp., and Kohl Corp., with Bradlees, Target Stores and Office Depot considering similar moves consideration.
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