Weakened Best Products to Close 2 Local Shops

The Best Products stores in Ventura and Thousand Oaks are among 81 slated for closure in the coming months by the financially troubled discount retail chain.

Best announced it will close almost half of its 169 catalog showroom stores, including 24 in California, and three of its four distribution centers. The company filed for Chapter 11 bankruptcy protection last month.

About 2,000 of the Richmond, Va.-based chain’s full-time employees and 2,500 part-time employees will lose their jobs. The Ventura store has 43 employees, approximately 30 of them full time, an official said. Figures for the Thousand Oaks store were not available.

The stores targeted for closure are in 19 states, primarily in the West.

Best Chairman and Chief Executive Officer Daniel H. Levy said he regrets that so many stores and workers would be affected.

“However, we have carefully studied our business and we do not believe these locations will contribute significantly to the company’s future profitability,” he said.

The company will begin going-out-of-business sales at the stores this month and end them in late December.

Levy said the company decided to shut down a substantial number of stores now rather than close them in stages.

“We believe it’s in the best interests of the company and its associates to finalize closing plans now and remove questions about which locations will continue to operate,” he said.

Best Products, specializing in jewelry and home furnishings, has operations in 23 states. With the closures, the chain will be reduced to 88 stores in 17 states.