YOU ARE HERE: LAT HomeCollections

Gemco Closing Takes a Toll on Employees and Families

October 26, 1986

As you know, many articles have been written and published in your newspaper regarding the buyout threat at Lucky Stores and the closing of Gemco. We, the employees of Lucky Stores, would like to express our opinion on how we will be affected by this.

True, legally, Asher B. Edelman is within his rights to attempt a buyout, but morally, he is beyond comprehension.

What he is attempting to do eventually will affect the livelihood of close to 68,000 people and place many in the unemployment lines. This comes at a time when unemployment is already too high, and with the holiday season upon us, many families will not have much to be thankful for if he is allowed to continue.

It is not right that one man can destroy the financial security of so many people. We feel the public may not know, and has the right to know, that Lucky Stores and Gemco personnel are not the only people who will eventually feel great financial losses at the hands of Edelman. Others include our suppliers; the small independents that we do business with (and their families); the other businesses within the shopping centers where a Gemco store once brought in the customers, and the customer who shops at Lucky's.

Thousands of people will suffer if this takeover is completed. Edelman has stated that he intends to liquidate the southern region of Lucky/Gemco (he has already forced closure of Gemco), merely for the purpose of profit, with no remorse for what happens to the families involved. We are not talking about a piece of paper showing ownership--we are talking financial disaster for thousands.

We feel like a member of our family has just been told they are terminally ill--Lucky Stores, in our opinion, is not terminally ill. We can, and will, survive if the stockholders question Edelman's motives. We all have to work to survive.



This letter was signed by 250 Lucky and Gemco employees.

Los Angeles Times Articles