A massive retailer is now closing stores in Michigan after announcing last spring it would shutter more than 400 locations nationwide.
Foot Locker’s announcement last spring to close over 400 locations across North America has hit home in Michigan.
The store located at Genesee Valley Center in Flint will close next Friday, June 21.
Foot Locker is hosting liquidation sales of up to 50% off.
The company has around 1,300 locations in malls in North America, and Foot Locker anticipates closing up to 420 by 2026, per Fox.
The closures are part of the sportswear and footwear company’s rebranding efforts as it focuses on higher-performing stores and new concept stores.
Foot Locker expects to shutter 25% of its stores in A- and B-rated malls and 50% of its locations in C- and D-rated malls, reports The US Sun.
The Michigan location will be hosting liquidation sales starting at 25% off and increasing to 50%, with a similar sales structure happening at other closing Foot Lockers.
Foot Lockers in malls across the US have been shuttered in previous months, including one in Fairfield County, Connecticut, Harrisburg, Pennsylvania, and Rochester, New York.
As Foot Locker shuts down hundreds of underperforming mall locations, the company intends to focus on bolstering its standalone stores with new concepts.
“We are entering 2023 with a focus on resetting the business — simplifying our operations and investing in our core banners and capabilities to position the company for growth in 2024 and beyond,” said Foot Locker president and CEO Mary Dillon when the concepts were initially introduced.
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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois
Other Economy News Today
An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.
TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.
This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.
The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.
Today, Fridays will welcome in famished diners at its location in Brick for the final time.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.
“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”
Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.
“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.
“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.
Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.
The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.
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