The company which owns the property Walmart leases in Big Stone Gap has issued a statement regarding the store closure.
Landmark Properties Group, based in Allison Park, Pa., owns the center where the Walmart is located.
The statement says those at the company were “surprised and disappointed with Walmart’s decision.”
They also said Walmart wanted “a substantial reduction in the base rent figure.” The statement went on to state that Landmark discovered Walmart was paying low rent for retail space in the area.
They also wrote they waited on Walmart to “propose a rent reduction for us to consider, bu the figure was never provided…”
Walmart told News Channel 11 Monday that the company was hoping to transfer most of the 80 Big Stone Gap employees to the locations in Norton and Jonesville.
You can read the full statement from Landmark Properties Group below:
Recently, news has come to light that the Walmart in Big Stone Gap will be closing its doors on July 12, 2019.
Like the residents of Big Stone Gap, the team at Landmark Properties Group are surprised and disappointed with Walmart’s decision. We have been, and still are, ready to negotiate to any reasonable terms. The Walmart team has indicated that their decision to close is final, despite our efforts to reopen negotiations.
When renewal discussions began, Walmart insisted on “a substantial reduction in the base rent figure.” After consideration and competitive market research, we discovered that Walmart was already paying low rent for retail space in the area. However, we waited for Walmart to propose a rent reduction for us to consider, but the figure was never provided by Walmart.
We were surprised by the sudden decision, as we had not reached a point in negotiations to discuss dollar terms. The outcome was decided by Walmart without a complete negotiation.
On behalf of all involved parties, we apologize to anyone who is inconvenienced by this situation. We understand that the community has relied on Walmart since 1984, and we are saddened to see their part in the community come to an end. We are using all resources to find a new tenant which will serve the community of Big Stone Gap.