AKRON (Jan. 31, 2014) — Myers Industries Inc. is closing its Myers Tire Supply Canada Ltd. branches in Canada, saying the business there hasn't been profitable.
The decision affects branch locations in Quebec City, Quebec; London, Ontario, and Sherwood Park, Alberta, Myers said, which together employed about 25. Future sales in Canada will be serviced from the U.S. distribution network, the company said.
Akron-based Myers said pre-tax cash costs for the closures will be approximately $1 million. It will record 75 percent of the costs in the first half of 2014.
The firm estimates the closing will result in a sales drop of about $7.5 million.
Todd Smith, vice president and general manager of Myers' Distribution Segment, said the company values "the contributions made by our employees, and the decision to close the branches is not a reflection of their efforts, but rather the need to transition out of a business model that has not been profitable for us."
Myers Tire Supply International continues to have sales offices in Brazil, El Salvador, Guatemala and Panama.
What was the most interesting story from 2018?
|Michelin, Sumitomo form tire distribution joint venture, NTW.||
12% (32 votes)
|Bridgestone, Goodyear form tire distribution joint venture, TireHub.||
37% (102 votes)
|ATD cuts staff, declares bankruptcy as result of wholesale market disruption.||
28% (77 votes)
|Trade war escalates and NAFTA is replaced.||
8% (23 votes)
|Disruption in auto industry as Ford eliminates most sedans, GM to shutter 3 plants||
8% (22 votes)
|Michelin continues to grow, acquires Camso, Fenner.||
8% (21 votes)
|Total votes: 277|