A Beloved Clothing Store Now Makes Unexpected Closures

A beloved clothing store now makes unexpected closures as it announces two of its locations will shutter in the same city.

Two Old Navy stores in the same major city are closing at the end of the month, the brand has confirmed.

Parent company Gap Inc. is on a streak of store closures affecting its other brands including Gap and Banana Republic.

Old Navy is closing down two stores in Toronto, Canada, this month.

The stores situated at the Eaton Centre and Markville Shopping Centre locations will be open for the last time on January 24.

In a statement to Global News, a spokesperson for Old Navy explained the reason for the decision.

The representative said the company is “evaluating its real estate portfolio to ensure a healthy fleet of stores that can provide the best possible experience for our customers.”

Locals will be able to find Old Navy stores in downtown Toronto, Vaughan, Richmond Hill, Scarborough.

The Old Navy brand, which has the lowest price range, has faired well compared to other stores in the Gap portfolio.

Between October 2020 and the end of 2023, Gap Inc. closed down approximately 350 Gap and Banana Republic stores.

Meanwhile, 15 new Old Navy stores opened between 2021 and 2022.

The brand has found imaginative ways to add value to its consumers through product innovation and new store policies.

For example, Old Navy offered parents a one-year “kid-proof guarantee” on all uniform styles during the back-to-school season of 2023.

Under the guarantee, customers could receive a full refund if any garments did not stand up to the wear and tear of the school year.

For womenswear, Old Navy began introducing more pockets to its dresses, after discovering via research that this would be popular among consumers.

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Also Read: SNAP Benefits Will Now Increase For The Year 2024

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Market News Today - A Beloved Clothing Store Now Makes Unexpected Closures.
Market News Today – A Beloved Clothing Store Now Makes Unexpected Closures.

A major grocery store in Texas now makes an unexpected closure, resulting in filing a WARN notice advising of upcoming layoffs.

The Tom Thumb grocery store located at 4000 William D. Tate Ave. in Grapevine is set to permanently close by the end of February.

And unfortunately for the grocery stores employees, they are all scheduled to be laid off.

It’s important to note that under the Worker Adjustment and Retraining Notification Act, an employer with more than 100 full-time workers must provide a 60-day notice before laying off 50 or more people at a single site.

These must be filed with the Texas Workforce Commission.

A notice was filed last week advising that a total of 71 staff at the store will lose their jobs on February 17.

The choice to close the store was influenced by the timing of its lease renewal and the presence of other nearby stores under the same corporate umbrella, according to the company.

The company also said that it remains committed to the North Texas market.

In fall of 2022, Kroger announced plans to acquire Albertsons for a whopping $24.6 billion.

If approved, the merger could mean divesting 30 Texas grocery stores.

Last year, 224 companies filed WARN notices, resulting in over 24,000 people in Texas losing their jobs.

However, the Federal Reserve Bank of Dallas says, “WARN layoffs account for only 2.2 percent of the total Texas layoffs reported by the Bureau of Labor Statistics Job Openings and Labor Turnover Survey.”

According to the survey, about 155,000 workers per month were laid off in Texas.

Experts weigh in stating layoffs may continue this year.

A recent survey of 906 business leaders nationwide by ResumeBuilder found that 38% expect layoffs to continue in 2024.

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Also Read: A US Company Now Declares An Unexpected Bankruptcy

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Market News Today - A Beloved Clothing Store Now Makes Unexpected Closures.
Market News Today – A Beloved Clothing Store Now Makes Unexpected Closures.

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