A Famous Drink Retailer Is Now Closing A Major Location

A famous drink retailer is now closing a major location due to fears of rising crime in the area, sources confirm.

A Starbucks location will close down on Saturday as high crime rates hit in busy downtown Maryland areas, reports The-Sun.

“Coffee lovers who crave a caffeine fix have just hours left to visit the Starbucks in Silver Springs — before it closes for good.”

The iconic coffee shop will be shuttering its doors after serving the community for more than two decades, according to local ABC affiliate WJLA.

Visitors could see a simple closure announcement taped to the window of the locale over the last month.

“On March 30 at 12pm, your Starbucks Downtown Silver Springs location at 315 Ellsworth Drive will be permanently closing,” the statement read.

“We would like to thank you for being part of our store community; You are the heart of who we are at Starbucks,” it said.

Employees have been given the option to be relocated to other Starbucks locations if they desire.

According to company leadership, the closure was necessary.

“As part of Starbucks standard course of business, we continually evaluate our business to ensure a healthy store portfolio.

After careful consideration, we’ve determined it is best to close the store at 915 Ellsworth Drive in Silver Spring,” Starbucks Corporation representatives told local reporters.

But business owners working in the area believe the closure is due to one big problem — crime.

At least nine police reports were filed from the shopping center where the Silver Springs Starbucks is located since January 2023, according to the Montgomery County Police Department.

The crimes committed include several instances of indecent exposure and theft, in addition to one robbery and one assault on a store employee.

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Also Read: A Healthcare Service Company Now Announces Unexpected Layoffs

Other Economy News Today

Market News Today - A Famous Drink Retailer Is Now Closing A Major Location.
Market News Today – A Famous Drink Retailer Is Now Closing A Major Location.

A famous clothing retailer now begins unexpected layoffs, affecting the company’s corporate workforce.

Lands’ End Chief Financial Officer Bernie McCracken during the retailer’s fourth-quarter earnings call Wednesday announced that the company “executed a high single-digit percent reduction in corporate headcount in January.”

The job cuts, along with earlier changes in its sourcing organization, represent a total reduction of about 10% of corporate headcount.

Fourth-quarter net revenue at Lands’ End fell nearly 3% year over year to $515 million from $530 million last year, the company said in an earnings announcement.

The company posted a quarterly net loss of $8.6 million.

Gross profit for Q4 was $195.4 million, a 13.5% increase from $172.1 million a year ago.

Net revenue for the year was down 5.3% year over year to $1.47 billion versus $1.56 billion a year earlier.

The company reported a net loss of $130.7 million from $12.5 million last year and a gross profit of $625.5 million, up 5.3%, from $593.8 million a year earlier.

The layoffs came as Lands’ End faced growing losses and declining sales in the fourth quarter.

Global e-commerce revenue for the year decreased 7.1% to $1 billion. Excluding Lands’ End Japan, which the company closed at the end of 2022, global e-commerce decreased 4.3%.

E-commerce net revenue for the U.S. fell by 2.7%.

However, the company said its exclusive swim offering in 200 Target stores is performing well and that it plans to add “a couple of elevated partners” to its roster in the future, CEO Andrew McLean said Wednesday.

“There’s one [partner] we’re hoping to talk about in the next few months, and I think at the same time, it’s about continuing to work with the partners we’ve got.”

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Also Read: A Massive Chain with 6,805 Locations Now Begins To Close

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Market News Today - A Famous Drink Retailer Is Now Closing A Major Location.
Market News Today – A Famous Drink Retailer Is Now Closing A Major Location.

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