A beloved diner now makes an unexpected closure due to rising crime in the Washington area, sources report.
Doron Petersan, the owner of a Sticky Fingers restaurant in Washington, DC, blamed the local authorities for the rise in crime.
The vegan diner, in the H Street Corridor section of the city, will shut its doors in less than two weeks, according to Fox affiliate WTTG.
“D.C. is getting a bad rap right now,” Petersan said.
“There is crime for sure. It makes it extremely difficult to operate.”
She shared that a personal run-in with violence in the area was a reason for the change.
“I was carjacked while making deliveries for my own business,” she said.
“It’s scary. It’s not something I thought would ever happen to me.”
Petersan first opened her diner in 2016 but has now moved the store to different areas and said she would not leave the city.
The new spots will be in the Takoma and NoMa neighborhoods.
She blamed city officials for her safety concerns in the area.
“D.C. has not done enough to make sure our infrastructure is set up, so everyone can operate in a safe manner,” she said.
“This is really on the council and mayor.”
A local resident also shared her worries about the impact of the closure on the local area.
“Well I recently bought my house just a year ago and it makes me a little bit concerned that the neighborhood’s not going to hold its value,” she said.
The U.S. Sun reports that it has reached out to the Mayor’s office and Metropolitan Police Department for comment.
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Also Read: Grocery Store With 217 Locations Now Closes For Good
Other Economy News Today
Another mall clothing retailer is now at high risk of bankruptcy as it prepares for debt restructuring, The Wall Street Journal reports.
Apparel retailer Express Inc. is preparing for a possible debt restructuring that could include a bankruptcy filing “within weeks,” The Wall Street Journal reported Monday, citing sources familiar with the matter.
According to the report, Express has hired M3 Partners and law firm Kirkland & Ellis.
Both entities specialize in debt restructuring, reports Retail Dive.
The retailer is looking to avoid a Chapter 11 filing by restructuring its debt outside the bankruptcy process, the report said.
Express reported total debt of about $275 million at the end of the third quarter, an increase from $235.4 million a year before.
During the company’s last earnings call in November, recently appointed CEO Stewart Glendinning acknowledged the company made some missteps: Among other factors, there was a misalignment between its assortment and customer demand.
Express took a hit during the pandemic as its core offering — business casual — fell out of favor as work-from-home surged.
“Unfortunately, my previous assessment of Express’ fragile financial situation leading to a possible bankruptcy due to declining revenue, gross margin profits and ballooning debt of $280 million is a foregone conclusion,” Shawn Grain Carter, a retail industry consultant and professor at the Fashion Institute of Technology at the State University, said in an email to Retail Dive.
“With high-interest rates, the retail company must decide between the ‘lesser of two evils.’
Moreover, until they fix the waning consumer demand for their merchandise and elevate the brand and product mix, financial wizardry will not resolve their retail woes.”
And after the New York Stock Exchange warned of a potential delisting in late March, Express executed a 1-for-20 reverse stock split, which decreased outstanding shares to 3.7 million from 74.9 million.
That stock split enabled Express to regain listing compliance with the New York Stock Exchange.
Around the same time, Express said it planned to cut 150 jobs by the end of the third quarter.
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Also Read: A Popular Essential Retailer Is Now Closing 72 Locations
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