Arden Group, Inc. Announces Pasadena Store Closure
LOS ANGELES -- March 18, 2013
Arden Group, Inc. (Nasdaq:ARDNA) announced today that its wholly-owned
subsidiary, Gelson’s Markets, has given notice of termination of its Pasadena
lease in accordance with the lease terms and intends to close its Pasadena
store on or about July 21, 2013. Gelson’s currently operates seventeen stores
in Southern California. Upon closing its Pasadena location, it will operate
sixteen stores. Gelson’s previously announced that it has entered into a lease
for a new store in Long Beach, California which is being remodeled from an
existing supermarket and which Gelson’s currently expects to open in late
2013. Gelson’s plans to transfer some of the fixtures and equipment from the
Pasadena location to the new Long Beach store.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor
for forward-looking statements made by or on behalf of Arden Group, Inc.
(Company). Certain statements contained in this press release are
forward-looking statements. These statements discuss, among other things, the
closing of a location, the transfer of some fixtures and equipment and the
opening of a new store in late 2013 which may or may not be accomplished.
These forward-looking statements reflect the Company’s current plans and
expectations and are based on information currently known to the Company. The
Company cautions readers that any forward-looking statements contained in this
press release involve risks and uncertainties and are subject to change. The
Company does not undertake any obligation to update forward-looking
Arden Group, Inc.
Patricia S. Betance, Assistant Secretary
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