Appealing to its members who have needed to consolidate debt due to financial troubles, Costco announced Tuesday that it will begin accepting food stamps at all of its location.
Costco CEO Jim Senegal told the SeattleTimes that he expected at least half of the company’s 410 stores to accept the stamps by the Thanksgiving holiday.
He admitted that while the company originally felt that the wholesale store’s members – who pay a yearly fee to remain connected with the stores – would not be the type to use food stamps, the times had ultimately dictated otherwise.
"The rules are different today," Sinegal said. "People who were in good shape financially all of the sudden are needing some assistance."
Following a recent announcement that Costco’s Q4 2009 earnings were projecting a 6 percent decline, chief financial officer Richard Gallanti admitted that the company’s initial view regarding their customers’ use of food stamps was "probably a bit arrogant on our part," the Associated Press reported.
In May, two Costco’s in New York City announced they would be accepting food stamps as part of a trial run of the company’s program.