The Best Value Wholesale chain has shuttered four of seven stores across Jamaica, citing reduced sales and declining profitability.
Since the start of the year, the retailer has closed outlets in May Pen, Mandeville, Savanna-la-Mar and Montego Bay.
"People do not have money to be buying clothing and shoes. The stores were no longer profitable," said Best Value representative Jason Walton.
"The cost of living up has gone up by about 30 to 40 per cent in the last three years. Meanwhile, light bills and other expenses for store owners are going up. Expenses are going in one direction and sales in the other. You have to close them," he said.
The stores remaining open are those at Cross Roads and Half-Way Tree in Kingston and one in Ocho Rios, with total staff of 45. Walton said that more than 120 jobs were cut.
Store fixtures, which were once used in the stores, are being advertised for sale including clothing racks, hangers, stacking baskets, tables, Sensomatic security equipment and gas generators.
Walton said that he will continue to watch what happens in the economy to determine whether the remaining three stores will continue to operate.
The clothing chain has been operating in Jamaica for over 10 years, he said. Best Value was incorporated in July 1989, and is owned by John Chang and others, according to Companies Office records.
The store sells clothing and shoes at wholesale prices, according to Walton, but it also stocks other merchandise, including household items and toys.