VOL. 114 | NO. 60 | Tuesday, March 28, 2000
Jitney Jungle closes doors
Jitney Jungle closes doors
in Little Rock, Memphis markets
Jitney Jungle Stores of America Inc. on Monday announced the sale of six stores and the closure of three grocery stores and two companion gas stations in the Memphis and Little Rock markets.
Included in the sale are four companion Pump & Save gas stations. Plans are in place to sell four more grocery stores and three companion gas stations in Memphis on April 4.
``The exit from the Little Rock and Memphis markets through the sale and closure of these 13 grocery stores is part of our transition into a smaller more viable company," said Ron Johnson, president and chief executive officer of JJSA Inc. "Our objective since the bankruptcy filing back in October has been to use the reorganization process to strengthen our business operation and this exit is an important step in achieving this objective.
``Jitney expects to emerge from bankruptcy by the end of the year without debt and with a financial structure in place that will enable us to compete successfully in the years to come.''
In exiting the Little Rock and Memphis markets, Jitney Jungle Stores of America closed its stores located in Southhaven, Miss.; Cordova; and Little Rock, and closed two Pump & Save gas stations adjacent to those stores.
The company currently operates 163 grocery stores, 48 gas stations and 10 liquor stores throughout Mississippi, Alabama, Louisiana and Florida.
Memphis area home sales continued at a brisk pace in February, with monthly home sales surpassing those of the previous year for the third month in a row.
According to the Memphis Area Association of Realtors, 916 homes were sold in February, representing an 18.5 percent increase from the 773 homes sold in February 1999.
"Generally, we see more buyers and sellers entering the market as we near spring," said MAAR president Pat Beech. "Our mild winter, strong economic conditions and the fear that interest rates might continue to edge upward have caused many buyers to get off the fence and actively begin searching with their Realtors for their next home."
The total dollar volume of Multiple Listing Service homes sold in the area in February was $120.3 million, a 14.8 percent increase from February 1999s total sales volume of $105 million.
Dollar volume of sales reflects the total monetary value of all MLS homes sold and is the primary indicator used by real estate professionals to judge productivity.
The median sales price of MLS homes sold in February was $115,000, up 4.5 percent from $110,000 in February 1999.
Best selling price ranges for February were $120,000-$139,999 (83 sales); $110,000-$119,999 (82 sales); $60,000-$69,999 (64 sales) and $140,000-$159,999 and $70,000-$79,999 (62 sales).
In mid-March, the inventory of homes for sale in the Memphis area was 5,856, up from 5,493 in mid-March 1999 but down from 5,902 in mid-February.
New York-based ABR Realty LLC has purchased Allen & OHara Inc.s building at 3385 Airways Blvd. for $1.75 million. The 190,000-square-foot building, on 4.3 acres of land, has been appraised at just over $2 million. Allen & OHara Inc. is a real estate investment, development and management firm.
LEDIC Management Group has added two properties to its management portfolio: a 324-unit apartment complex called The Madison at Schilling Farms in Collierville and Stonecreek, a 232-unit apartment complex in Atlanta. Memphis-based LEDIC manages more than 30,000 units in eight southeastern states, and has regional offices in Nashville, Tenn.; Charlotte, N.C.; and Atlanta.
CLI Inc., a Tennessee corporation, has purchased property at 5700-5746 Distribution Drive in the Hickory Hill Industrial Park Subdivision from American Industrial Capital LLC, a California limited liability company and IJM Investments LLC, a Colorado limited liability company, for $2.2 million, according to a special warranty deed filed Friday in the Shelby County Registers Office.