27 Oct 2003

Price Smart in Guam to close with loss of 90 jobs

8:34 am on 27 October 2003

90 people are to lose their jobs in Guam as the warehouse style store, Price Smart has announced it is closing down less than two years after opening.

The store in Barrigada Heights is to close at the end of December.

Price Smart's General Manager, Vincente Cruz, believes the problems stem from reluctance among shoppers to pay membership fees, the bad economy and recent typhoons.

Price Smart is the second membership based, warehouse style store to fail in the last five years.

A recent employment report shows that hundreds of jobs have been lost this year from the retail sector in Guam.