Liquor Stores N.A. Ltd. is moving out of the contiguous United States.
The company today announced that it is has acted on the strategy, endorsed by its shareholders in June, of refocussing on its core markets of Alberta, B.C. and Alaska, by selling 15 Liquor Barn retail stores in the state of Kentucky, and entering into negotiations for the sale of its 51% interest in Birchfield Ventures LLC, which owns two stores in New Jersey.
The company is also currently in discussions with a third party about the sale of its store in Norwalk, Connecticut.
Liquor Stores will also close its U.S. head office and will no longer have any U.S.-based executives or senior management.
“These transactions are strong indicators of the board and management’s determination to implement the strategic plan which our shareholders endorsed in June by electing six new directors,” says Board Chair Derek H. Burney. “Director James Burns has spearheaded the negotiating and closing of these transactions as well as the other initiatives to create shareholder value as Chair of the Special Committee on Business Transformation. The speed at which our objectives have been accomplished is a testament to Mr. Burns’ full-time efforts on behalf of the Company since the Board changes. I would also like to commend Director Peter Lynch for his efforts working with Mr. Burns.”
“The Board is very excited about our prospects going forward with our focus solely on our core markets to maximize our shareholder value going forward,” he adds.
Including its Canadian properties, Liquor Stores N.A. Ltd. operates 233 retail liquor stores.