A massive retailer is now closing a major store in New York after the CEO announced significant changes ‘behind the scenes’.
Big Lots has announced several closures across the United States in the past week with a major store now closing in New York.
At least three stores noted their final days would be coming soon, while President and CEO of Big Lots, Bruce Thorn, noted the addition of new leadership and a “multi-year strategic plan,” reports The-Sun.
On Tuesday, it was confirmed that a Big Lots location in Colonie, New York, about 10 miles northwest of downtown Albany, would shutter its doors for good.
A spokesperson for Big Lots confirmed that the location would be shut down indefinitely by the end of January 2024.
They noted the decision was made from a review of what would be best for their consumers.
“Consistent with standard retail practices, we review our store footprint on an ongoing basis to make sure we’re best positioned to serve our customers and our business,” a Big Lots spokesperson said.
“Sometimes this process results in store closings or relocations.”
Final liquidation sales are reportedly underway at the Colonie location, and customers were encouraged to find merchandise at other Big Lots stores nearby.
A similar process was made by the retail giant with a second store in Asheville, North Carolina, last month, as ABC affiliate WLOS reported.
Final sales were noted on a banner across the storefront on November 30 with no confirmed closure date, reports The-Sun.
A third Big Lots location in Peoria, Illinois, also confirmed it would shut down for good not long after Thanksgiving but did not confirm a final open date, per Yahoo! Finance.
Also Read: A US Company Now Declares An Unexpected Bankruptcy
Other Economy News Today
A massive bank now announces additional closures for 2024 according to fresh data from the Office of the Comptroller of the Currency.
Chase will now close down 37 more branches across the nation as part of its mass closures, reports The-Sun.
The Chase bank closures were announced by the Office of the Comptroller of the Currency (OCC) for the week of November 25-December 2.
Chase also announced in mid-November that it would close 24 stores.
States affected by Chase bank closures include California, Arizona, Louisiana, Idaho, Washington, Ohio, Florida, Texas, Rhode Island, Tennessee, Indiana, Maine, and New York, per the OCC.
Along with Alabama, Minnesota, Georgia, South Carolina, Massachusetts, Pennsylvania, Missouri, Wisconsin, New Jersey, Virginia, and Maryland.
The rise of online banking is why traditional banks have resulted in closing down branch locations nationwide.
“Fewer people are visiting the in-person brick-and-mortar branches.
Most bank services are available online or through apps now.
However, Chase is in the works of creating a new banking experience for people.
There is still hope for some in-person branches,” reports The-Sun.
Chase is set to open 15 new branches that will come with updates in new areas.
The bank is closing branches to continue into new ventures.
Chase said that it will open more branches than it closes that will be focused on the new needs of customers — even if closures have surpassed new openings this year.
“Significant investments in new branches, adding more than 650 over the last five years, including delivering on our commitment to build 400 branches in 25 new states,” a spokesperson for Chase told The U.S. Sun in September.
“We’re targeting covering 70 percent of the U.S. population within a 10-minute drive of our branches, up from 60 percent today, which means you will see us build more branches than we close, resulting in a modestly larger branch network over time.
“Our goal is not to have the most branches – but to have the right branches, in more communities, serving the financial needs of our customers.”
Also Read: A US Bank is Now Denying Customers Access to Money
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