Seaway Valley Capital Corp. of Gouverneur, owner of Hacketts Department Stores, has temporarily suspended its plans to establish a new outlet at the Cold Brook Plaza in the space formerly occupied by Tops Supermarket. The loss of a $5 million line of credit from Wells Fargo Bank was cited by Seaway Valley Capital officials as the cause of the suspension.
Since September of last year, Hacketts arrival has been the subject of much anticipation in a region that lost its last large department store in 2002, when Ames closed in neighboring Saranac Lake. Efforts by WalMart Corporation to establish a store in the Town of North Elba (which contains the Village of Lake Placid and a portion of Saranac Lake) were thwarted in 1996 and 2006. A group hoping to establish an independent community department store in the Village of Saranac Lake is approaching its third year of a capital campaign to raise $500,000 for the project.
Calls to Seaway Valley Capital to ascertain a new timeline for the Lake Placid site were not returned Friday. Hacketts also has a store in Tupper Lake.