Price Savers Wholesale Warehouses have been purchased in a cash transaction by PACE Wholesale Warehouses, Denver, Colo., a wholly owned subsidiary of K mart, it has been confirmed by Thomas R. Grimm, Price Savers president.
Grimm founded the company in March 1984, and it grew to include 17 stores in Utah, California, Arizona, Alaska and Washington. This year sales are expected to reach $850 million. Details of the transaction weren't disclosed, but Grimm said it's possible PACE will retain the Price Savers name on the warehouses.Price Savers has 3,300 employees, and Grimm said they all will continue with the company. "Their future looks bright," Grimm said, in explaining that PACE will install fresh-meat counters and bakeries in each of the four locations in Utah that will mean an additional 20 jobs at each warehouse.
The warehouses offer groceries, office supplies, furniture, cleaning supplies, electronics, appliances, tools, hardware, automotive supplies, tires and clothing.
Price Savers is located at 3280 S. 900 West, South Salt Lake; 6525 S. State; Provo; and Ogden. The corporate headquarters is located at 310 W. Bearcat Drive.
Grimm said PACE is an operation similar to Price Savers with 61 warehouses in 14 states.
"The people of Utah have been great about embracing the Price Savers concept," Grimm said, "and I also appreciate the support of our associates who have made success of the company possible."
When asked about his future, Grimm said he would be completely out of the company in a few days and will look for an opportunity to start something else.