SOURCE: PriceSmart, Inc.

December 14, 2009 15:08 ET

PriceSmart Announces the Passing of Sol Price

SAN DIEGO, CA--(Marketwire - December 14, 2009) - With much sadness, PriceSmart, Inc. (NASDAQ: PSMT) announced today that its co-founder, Mr. Sol Price, has passed away. Mr. Price died this morning, at the age of 93.

Sol Price was a universally acclaimed innovator and true leader of the retail merchandising industry. Sol Price, together with his son Robert Price, envisioned, created and perfected the membership warehouse club industry with the establishment of The Price Company. In 1976 The Price Company opened the very first membership warehouse club ever established, Price Club. By 1992 there were 94 Price Clubs operating throughout the United States, as well as Canada and Mexico, generating $6.6 billion in annual sales. Prior to establishing The Price Company, Mr. Price had founded FedMart, Inc., which had also been highly successful, utilizing innovative approaches to retail merchandising.

In more recent times, Sol and Robert Price established PriceSmart, bringing the benefits of membership shopping warehouse clubs to the people of Central America and the Caribbean.

Mr. Price is survived by his two sons, Robert and Larry, and their wives, five grandchildren and four great-grandchildren. The family is planning private funeral services.

PriceSmart extends its heartfelt condolences to the Price family, and gratefully acknowledges the extraordinary life and contributions of Sol Price.

About PriceSmart

PriceSmart, headquartered in San Diego, owns and operates U.S.-style membership shopping warehouse clubs in Central America and the Caribbean, selling high quality merchandise at low prices to PriceSmart members. PriceSmart now operates 26 warehouse clubs in 11 countries and one U.S. territory (five in Costa Rica; four in Panama; three each in Guatemala and Trinidad, two each in Dominican Republic, El Salvador and Honduras; and one each in Aruba, Barbados, Jamaica, Nicaragua and the United States Virgin Islands).

Contact Information

  • For further information, please contact
    John M. Heffner
    Executive Vice President and Chief Financial Officer
    (858) 404-8826