Pittsfield Cooperative Bank CEO Steps Down

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Pittsfield Co-op President and CEO Jay Anderson presenting a check to the People's Pantry in 2023.
PITTSFIELD, Mass. — After 15 years at the helm, Jay Anderson, chief executive officer of Pittsfield Cooperative Bank, is stepping down for health reasons.  
 
During his tenure as CEO, Anderson, 59, nearly doubled the bank's asset size to $400 million during a period of record profitability in multiple years.
 
"I have been privileged to lead the Pittsfield Cooperative Bank and support the economic growth of this community," Anderson said. "I have full confidence that the bank will continue to thrive in the years ahead."
 
Board Chairman John Martin thanked Anderson for his leadership and his expansion of the bank's management team and the bank’s reputation, particularly in commercial lending.
 
The board is in the process of hiring a new CEO and Martin said he expects to make an announcement in the near future about a successor. 

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Joann Fabric in Pittsfield Targeted for Closure

Staff ReportsiBerkshires
PITTSFIELD, Mass. — The Joann Fabric and Crafts store on Dalton Avenue is among some 500 set to close. 
 
Joann Inc. filed for Chapter 11 bankruptcy last year to restructure and filed again last month. On Wednesday, the bankruptcy filings noted that liquidation should start immediately. 
 
Pittsfield was among the 19 Massachusetts stores identified for closure, as well as the store in the Hampshire Mall in Hadley. Two Vermont stores are closing along with several in New York's Capital District.
 
Overall, 53 stores out of 800 are slated to be shuttered. Joann is the only large scale material retailer in the area. Walmart eliminated its bolt fabrics a few years ago and Michaels offers a smaller selection. There are also several quilt shops in the region but they tend not to have the variety of fabrics offered by Joann. 
 
Alvarez & Marsal North America LLC, the restructuring consultant, stated that there was no interest by bidders on a subset of stores and that "it is in the best interest of the Debtors' estates to immediately commence Store Closing Sales at this subset of
stores."
 
The upcoming Presidents Day holiday weekend was identified as "a significant opportunity to meet or beat the Debtors' revenue projections from store closing
sales."
 
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