A Beloved Makeup Company Now Makes An Unexpected Closure

A beloved makeup company now makes an unexpected closure as its lease ends, with loyal customers blaming the city.

An Ulta Beauty located in downtown Naperville – around 30 miles west of downtown Chicago, Illinois – is set to close on March 30.

The store, located at 103 South Washington Street, is closing because its lease is expiring, an Ulta spokesperson confirmed to the Daily Herald.

However, there is different speculation about why the makeup chain is closing.

Naperville Mayor Scott Wehrli claimed that a changing economic landscape is at fault for the wave of store closures in the area.

In addition to the Ulta closure, a Barnes & Noble bookstore closed in January after 25 years of operation in downtown Naperville.

“I think a lot of the large national retailers are looking at their retail footprint to determine what’s going to be best for them as they are in a new economy,” said the mayor.

The store closures come despite claims that the downtown area is a popular shopping destination.

There is active interest across downtown, the occupancy rate is high, and interest in “Main Street America” is even higher, said Katie Wood, executive director of the Downtown Naperville Alliance.

“The retail and restaurant landscape is constantly evolving — not only in Naperville — but all across the country,” Wood said in a statement, adding that the building Ulta is located in is “very popular.”

Residents of the area took to social media to blame the city for the two store closures.

“Now Ulta leaving downtown Naperville. The years of sloppy road construction is making it a ghost town. So much easier to go to Wheaton to shop. Good luck with tax revenue,” read one X post.

In response to the closures, another user simply wrote “Scott Wehrli’s fault,” placing the blame on the mayor.

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Also Read: A New Wave of Unexpected Layoffs Now Hits Georgia

Other Economy News Today

Market News Today - A Beloved Makeup Company Now Makes An Unexpected Closure.
Market News Today – A Beloved Makeup Company Now Makes An Unexpected Closure.

A grocery brand is now led into an unexpected bankruptcy due to a whopping $7,000,000 loss after mishandling its product.

Freirich officially filed for Chapter 11 bankruptcy on Wednesday, March 20.

In an email to its business partners, CEO Paul Bardinas explained what happened and outlined what’s next for the company.

“Our Chapter 11 filing was a result of a large one-time financial loss ($7,000,000) due to the mishandling of 1.2 million pounds [of] our product by a third-party cold-storage facility,” Bardinas wrote.

“This significant loss, which we are seeking to recover, left us with little choice but to seek the court’s protection to safeguard our business, employees, and business partners as we proceed with that effort.”

On the bankruptcy form companies must fill out when they file for Chapter 11 protection, Freirich checked off a debt range of $10 million to $50 million, reports TheStreet.

The CEO wanted to make clear that its actual debt was in the low end of that range.

“Our debt has never exceeded $10.5 million, and, in fact, for most of every year we would operate debt-free.

We only tapped our credit line in the first quarter to fund our St. Patrick’s Day production,” he explained.

The timing of the company’s product loss was a major part of why it had to file for bankruptcy.

“Unfortunately, this loss did occur at the worst possible time, when we did borrow a significant amount of money to finance our St. Patrick’s Day retail corned beef operations and inventory, and it affected a significant portion of that corned beef,” Bardinas added.

“Bankruptcy protection will enable our company to safeguard our business, employees, customers, and partners while we seek to recover our financial loss and propose a plan to restructure our debt, renegotiate contracts, and streamline the company in order to emerge from this process with a much stronger balance sheet,” the CEO wrote.

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Also Read: A Massive US Company Is Now Closing 500 Locations

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Market News Today - A Beloved Makeup Company Now Makes An Unexpected Closure.
Market News Today – A Beloved Makeup Company Now Makes An Unexpected Closure.

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