MONTVALE, N.J. (CBSNewYork/AP) — Mercedes-Benz confirmed Tuesday the company will move its American headquarters from Bergen County to Atlanta.

The company’s 37-acre corporate campus in Montvale employs about 1,000 people.

“Certainly it’s a big deal,” said Jim Kirkos, head of the Meadowlands Regional Chamber of Commerce. “You never want to lose a big name, reputable, powerful brand like Mercedes.”

The company has been in Montvale since 1972 and now Kirkos wants to see efforts to recruit a new major player.

“We have location, location, location, but the cost of doing business is certainly an impediment,” Kirkos said.

Mercedes pays nearly $1 million in property taxes and is Montvale’s second-biggest private employer behind KPMG.

The company’s departure would be bad news to nearby small businesses.

“It’s terrible because we’re losing so many people coming through the town every day,” said the owner of Montvale Florist. “Part of what we do involves the businesses in the area, and we need to serve those.”

“A big void to fill. I don’t even know how we’re going to fill it,” said Stewart Nixon, owner of Montvale Hardware. “As fast as that place closes down is as fast as the employees lose their jobs or have to move somewhere else, and they’re not going to be spending any money in this area.”

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