New Owner of New England Store Chain to Redevelop Buildings - NECN

New Owner of New England Store Chain to Redevelop Buildings

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    NEWSLETTERS

    New Owner of New England Store Chain to Redevelop Buildings
    WJAR-TV

    The real estate firm that purchased southern New England retail chain Benny's has announced it will redevelop the locations for retail use.

    WJAR reports the Carpionato Group, which is buying most of the stores, announced the plan at a meeting of General Assembly leaders at the State House Thursday.

    The current owners of the 93-year-old family-owned chain are retiring, citing a change in retail landscape. All Benny’s stores will be closed by the end of the year.

    The Carpionato Group’s deal is for 29 stores across Massachusetts, Rhode Island and Connecticut. The firm plans to spend $100 million on construction and hire at least 350 workers.

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    The buildings are expected to be ready for use in about a year. The Carpionato Group will not be receiving a tax break from the state.

    Benny's President Arnold Bromberg told WJAR that the closure will affect the company’s 715 employees, including 386 who are full-time and 329 who are part-time staff members.

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