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Petters Warehouse Locations Closing

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Oct 21, 2008 8:41 am US/Central

Petters Warehouse Locations Closing

MINNEAPOLIS (AP) ― The Petters Warehouse stores in Waite Park and Mounds View are going out of business.

Store managers at Waite Park and Mounds View say there are signs in the windows saying the stores are closing. The managers say they don't know when the stores will stop operations.

Mall of America spokesman Dan Jasper says the Petters Warehouse store at the Bloomington mall also has a sign in the store saying it's closing.

Petters Warehouse sells goods at discount prices. It's a portfolio company of Petters Group Worldwide.

Founder Tom Petters was arrested this month on federal fraud charges, and the Petters companies are under the control of a court-appointed receiver.

Receiver Doug Kelley did not immediately return a phone call to the AP, but he has said that some companies might have to be sold or closed.

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Items federal agents seized at Tom Petters' Wayzata home in the fall of 2008 included $13,000 in cash, numerous credit cards, a .22 caliber revolver and 11 high-end watches, including four Rolexes.

(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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