A convenience store now makes unexpected closures in Wisconsin, according to a press release from the parent company.
The future of The Store gas stations remains uncertain after news the company that owns its buildings and land, Mountain Express Oil, declared Chapter 7 bankruptcy, reports WSAW.
According to a release from Team Schierl Companies, as it currently stands, The Store will be ‘forced to end its convenience store operations’ as of July 31, 2024.
However, The Store is working to forge an agreement with the next operator to establish a transition for all associates to be hired in their current positions.
In 2022, The Store convenience stores, a division of Team Schierl Companies, entered into a sale agreement with Mountain Express Oil corporation to purchase its land and buildings.
Under the original agreement, MEX took ownership of the land and buildings while The Store maintained all operations including employing all Associates, ownership of all equipment, collaborating with local vendors and maintaining inventory within the locations.
In September 2023, MEX declared Chapter 7 bankruptcy.
The conclusion of the bankruptcy proceedings transitioned the ownership of the land and buildings to a property investment company.
On Tuesday, The Store was notified that the property investment company will not be extending its current operational agreement.
Team Schierl Companies says Schierl Tire & Auto Service and Subway Restaurants are not affected by this transition.
The Store has 25 locations in Wisconsin and Michigan.
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Other Economy News Today
A whopping 3,000 retail stores will now close this year after popular clothing brands Rue21 and and Express announced their closures.
The list now grows to approximately 3,100 stores shutting down by the end of this year, per The-Sun.
And this number figure is expected to grow as more businesses announce closures throughout the remainder of the year.
Rue 21 recently announced bankruptcy and a plan to close all 540 remaining stores across the US in the next six weeks.
Express also announced plans on closing over 100 stores across the US in addition to a store closure in Central New York.
If the rising rate of retailers closing down stores continues, an estimated 8,000 locations will be closed by the end of the year.
That many closures would be 40% more than the US saw last year.
In 2023, over 4,000 retailers shut down stores, which was twice the amount of store closures from 2022, according to the National Retail Federation.
2023 also saw the closing of hundreds of Bed, Bath and Beyond stores after the major retailer filed for bankruptcy.
The retailer cited inflation as the primary reason for shutting down its in person stores, moving to an online only format.
The inflation rates from January 2023 to January 2024 increased by 3.1%, with food prices rising by 2.6%, as reported by the Bureau of Labor Statistics.
In response to the rising rate of inflation, many stores are raising prices or risk closing.
One Canadian supermarket, Loblaws, raised its food prices so dramatically that customers are staging a boycott for the whole month of May.
The Dollar Tree, a retailer known for everything in its stores being $1 or less, announced that it will be raising prices on certain items to as high as $7.
“This year, across 3,000 stores, we expect to expand our multi-price assortment by over 300 items at price points ranging from $1.50 to $7,” the company’s CEO, Rick Dreiling, said during an earnings call.
The last time the discount chain announced a price hike was in 2021 when prices on select items went from $1 to $1.25.
Aside from raising its prices, Dreiling also announced that over 1000 stores will most likely be closing in 2024.
Other major retailers such as Walgreens, Walmart, and JCPenney announced major closures this year.
Walmart announced store closures in California, Ohio, and Maryland–totaling to six closures so far this year.
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