US-based agriculture company The Andersons is planning to exit the retail business in the second quarter of this year, with the closure of its remaining four retail outlets.

These closures are not expected to affect other operations of the firm.

The move is estimated to displace 650 positions in Toledo, and 400 positions in Columbus, Ohio.

"Choosing to cease a business that has spanned 65 years and employs about 1,050 people is tremendously difficult."

The firm intends to offer these employees severance packages and outplacement services.

The Andersons chief executive officer Pat Bowe said: "The decision to close The Andersons stores was not easy for anyone involved.

"Choosing to cease a business that has spanned 65 years and employs about 1,050 people is tremendously difficult."

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During the past eight years, the retail division of the firm has closed three stores due to losses incurred. It is expected that pre-tax impairment charges on long-lived assets of this division will be $6.5m in the fourth quarter of 2016.

With estimated pre-tax charges between $9 and $14m in the first half of this year, the full carrying value of the inventory is expected to be non-recoverable during the store liquidation process.