Posted on December 7, 2015
Costco Expresses Buyer’s Remorse After Purchasing GM’s Shuttered Janesville Plant
“We probably should have conducted a property inspection before buying it.” Costco’s Valrico Ringling
It’s only been a month since Costco signed the papers to purchase GM’s idle Janesville, Wisconsin assembly plant, but already the giant membership warehouse retailer is having second thoughts.
“Jeez, have you seen the place?” asked Costco Property Acquisition Director Valrico Ringling. “It looks like Machu Picchu.”
GM reps turn over the plant keys to Costco’s Valrico Ringling, right, who forgot to bring a helmet
Built in the late 1700’s, the Janesville plant sat unoccupied — with the exception of a seasonal Honeybaked Ham kiosk — until GM began building tractors there in 1919. In later years, the facility would belch out hundreds of thousands of Chevrolet Cavaliers and other similarly fetching GM models. Production ceased in December 2008.
Costco bought the 4,800,000 square foot plant last year intending to open its largest-ever warehouse store just in time for the 2015 Christmas season. But that timetable appears unlikely now, said Ringling. “We haven’t even seen the inside yet; we’re still moving debris trying to get to the entrance.”
“It’s a good case of buyer beware,” advised local commercial real estate agent Tanner Thanewe. “Costco bought it sight-unseen, which was foolish.”
But Ringling said GM is to blame. “We trusted them because they assured us it only need a little paint touchup.”
We contacted GM spokesperson Poppy Weisenmaus last Friday for comment but she put us on hold and we’re still waiting for her to return. By the way, GM’s on-hold music consists of Bass Pig’s Rendition of Danse Macabre for Organ.
