Governor Warner Announces Cost Plus to Create 190 New Jobs in Isle to Wight County

RICHMOND - Governor Mark R. Warner today announced Cost Plus, Inc.’s decision to double the size of its distribution facility at the Shirley T. Holland Commerce Park in Isle of Wight County. Through an investment of more than $24 million, the company will add an additional 500,000 square feet and create 190 new jobs. Virginia successfully competed with several other states for the project.

“I was pleased to personally meet with Cost Plus executives in California last summer and outline the reasons for a Virginia expansion,” said Governor Warner. “Today’s announcement further strengthens Isle of Wight County’s economy and job base, while increasing business for the Port of Virginia.”

Cost Plus, Inc. (NASDAQ: CPWM), headquartered in Oakland, CA, was founded in 1958. The company operates 212 stores in 26 states under the names “World Market” and “Cost Plus World Market.” The stores feature an ever-changing selection of casual home furnishings, housewares, gifts, decorative accessories, gourmet foods and beverages imported from more than 50 countries. Many items are unique and exclusive to Cost Plus World Market. All are regularly supplied by an international network of individual and regional artisans developed over the company's 40-plus years in the import business.

“We are delighted to expand our distribution center in Virginia and appreciate all of the support we have received from the Governor, the Virginia Economic Development Partnership and particularly Isle of Wight County to help make this project possible,” said Murray Dashe, Chairman, President and CEO of Cost Plus, Inc.

Governor Warner approved a $225,000 grant from the Governor’s Opportunity Fund to assist Isle of Wight County with the project. The Virginia Economic Development Partnership, the Virginia Port Authority, the Hampton Roads Economic Development Alliance and Isle of Wight County assisted Cost Plus with its decision. The Virginia Department of Business Assistance will support the project with its Workforce Services Program.

“Isle of Wight County is thrilled that Cost Plus has found the operating environment here to be conducive to doubling its original investment,” said Stan D. Clark, Chairman of the Isle of Wight County Board of Supervisors. “This action further justifies our development of industrial sites to be more prepared to attract companies like theirs.”