Business Notebook: Local Businesses Still Feeling the Effects of a Slow Economy

Even though , many businesses still face economic uncertainty and those in the Three Village area are no exception. While some are faced with the arduous decision to remain open or shut their doors, others set their sights on expansion. 

Borders Bankruptcy Agreement Spares Stony Brook Store

As a result of filing for bankruptcy earlier this month, the Borders Group will be closing 200 of its locations nationwide – but for now, its Stony Brook location is not among those slated for closure.

The group, which oversees 642 Borders bookstores, faced a steady decline in annual profits since 2007 and has been fighting to stay afloat since then.

“…because of the ongoing impact of the difficult U.S. economy, coupled with the rapidly changing bookselling environment, we must restructure Borders and reposition our business for long-term success,” wrote Mike Edwards, CEO of the Borders Group, in a company statement.

Borders locations in Commack and Westbury will be closing, but the company’s Stony Brook store located on Route 347 is not on the list. 

While this is the case for now, Borders Group public relations manager Mary Davis warned that nothing is for certain and that a store’s fate can change at any time.

“We can never guarantee that a store is going to be open indefinitely,” Davis said. “We’re always looking at our portfolio to make sure that each and every location is meeting our objective and we make decisions on a case-by-case basis.”

A-O Village Vacuum Reportedly Going Out of Business

seems to have suddenly shut its doors, forcing its customers to visit neighboring stores looking for answers. 

“We’ve had a lot of people come in here to look and ask us questions,” said a Pete’s Barbershop employee, who chose to remain anonymous. 

According to that individual, A-O Village Vacuum owner Johnny O may be in the process of being evicted by the landlord.

“Whoever’s vacuums are in there, or whatever he’s got to give to people, they will get it back,” said the barbershop employee. “Until things are straightened out, everyone is kind of stuck in limbo, which is a shame because it is the customer who is losing, unfortunately.” 

Calls made this week to A-O Village Vacuum were redirected to a full voicemail inbox.

Gold Coast Bank to Open Third Location in March

After a few months of waiting, Gold Coast Bank will be opening its East Setauket location in late March, according to John Tsunis, owner of the bank chain. 

The new branch will be located at the corner of Route 25A and Bennetts Road and will neighbor the and Ingrid's Fashion Design & Alterations.

The decision to break ground in East Setauket was made on the great exposure the company believes the bank will receive on Route 25A and the notion that the area is very well trafficked, Tsunis said. 

“It’ll be the closest bank to Stony Brook University, which is the largest onsite employer on Long Island,” he said. 

The new bank was originally expected to open its doors as early as January of this year.