A locally based deep- discount store chain is poised to grow again.
Wise Buys Liquidators Inc., parent of two area discount centers where most merchandise is priced at $9.98 or less, has signed a lease to open its third outlet in Folsom.
Gary Cino, Wise Buys president and CEO, said Monday that a lease has been signed to move into 25,000 square feet of space currently taken up by an OfficeMax store at 1012 Riley St.
Under terms of the lease, Cino said, Wise Buys plans to take possession of the space by the end of the year and open its new store there six to eight weeks later.
"We're looking at the first quarter (of 2012)," Cino said. "We're very excited to be coming to Folsom."
Nicole Miller, a spokeswoman for Naperville, Ill.-based OfficeMax, confirmed Monday that the company will be closing its Folsom store, which employs 16 people. She said efforts will be made to relocate those employees to other OfficeMax stores in the Sacramento area.
OfficeMax has been shedding some of its 900-plus outlets amid an office supplies store industry that some retail analysts contend is too crowded. Competitors include Office Depot and Staples.
Wise Buys currently operates stores at Douglas and Harding boulevards in Roseville and at 7999 Greenback Lane in Citrus Heights.
Cino said a typical Wise Buys store employs about 50 full- and part-time workers.
Cino, who started Wise Buys in September 2008, recently said he wants to add more than a dozen outlets over the next few years.
The Folsom Wise Buys will be next door to a Walmart that recently began a 27,000-square-foot expansion that will add grocery space, a bakery and a deli.
Wise Buys' stock in trade is discounted merchandise obtained from closeouts, overstocks, label changes and canceled orders. Though most items are $9.98 or less, earlier this month the company started offering selected merchandise at all price points.
Cino said that move was made due to positive consumer response during recent product tests. He said his suppliers are offering good deals on comparatively pricier merchandise, including electronics, furniture and tools.
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