SCRANTON, Pa. -- Globe Store has shut its doors. About 400 employees are affected.

The closing follows the seizing of Globe's assets by PNC Bank, which plans to sell the retailer.

Globe was purchased from Wanamaker's for $12 million in 1987 in a leveraged buyout by a team including Edward G. Rossi, the store's president.

Last year, Globe lost $258,000 on sales of $18.6 million, according to sources.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus