Downtown Store Update (02/26/08)

We are still working to determine how we can make the site at Metropolitan Place, Phase II work - at what cost and within what time frame are the issues we are working to define.

I've heard the following question a couple of times now: 'I heard the downtown store site isn't working out. When will the Williamson Street location close?' There are a few incorrect assumptions I have to address:

• We would drop the pursuit of the downtown store site before the Williamson Street store ever became even remotely threatened. Opening a second retail site was determined to be the best way to manage existing growth of our Co-op, but we would never do so if it endangered the existence of the Co-op. All current work in trying to get that Metropolitan Place store open is contingent on the "mothership" remaining healthy.

• The Board is still very interested in the downtown store site, and is working with the parties involved to secure it if possible and if the terms are to our benefit. It seems that, at this point, we are some distance from walking away from the downtown store site.

Other news: The Board has assigned a work-out team to review options to present to Board for consideration. And the developer has requested a new judge be appointed, which will result in delay of the receivership hearing. The original hearing was scheduled for February 14, and it was postponed to February 27.

--Anya Firszt, General Manager