A Fast Food Chain Now Closes Doors After Unexpected Bankruptcy

A fast food chain now closes its doors after an unexpected bankruptcy surprising those who have come to love the Illinois location.

Wendy’s has shocked customers with an immediate store closure, due to a recent bankruptcy filing, reports The-Sun.

Employees announced on their Facebook pages that the Wendy’s store located in Barry and Hannibal has closed its doors for good, according to ABC affiliate KHQA.

The shocking closure comes after the store’s franchise owner, Starboard Group, filed for bankruptcy back in November.

The franchisee has been running since 1999 and have operated many stores across the county including in Florida, Alabama, Illinois, Missouri and Wisconsin, Nation Restaurant News initially reported.

When filing, the company revealed that decreasing preferabilities with Wendy’s was one of the broader issues they were dealing with.

Some of the grievances they listed in filing includes: “disruptions to its supply chain, hyperinflation effecting food, labor, and food delivery costs, and breakfast stagnation and decreased customer levels.”

Starboard Group started closing 11 locations before its filing, and are believed to be shutting down many other locations in the coming months, per reports.

Unfortunatly, this is not the only business in Illinois thats shutting their doors.

On December 27, Barnes and Noble in downtown Naperville also announced that they were closing and relocating 10 miles away.

Locals were not happy about the closure news.

The closure of popular retailer stores is an ongoing and developing story.

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Also Read: A US Company Now Declares An Unexpected Bankruptcy

Market News Today - A Fast Food Chain Now Closes Doors After Unexpected Bankruptcy.
Market News Today – A Fast Food Chain Now Closes Doors After Unexpected Bankruptcy.

A massive retailer is now closing stores inside Target, part of a plan to reduce its density after already shuttering several locations.

CVS said this week that it plans to close some pharmacies that are located inside Target stores.

The pharmacy closures will begin in February and be completed by the end of April, a CVS spokesperson confirmed to Retail Dive

The closures are part of CVS’ plan to realign its national retail footprint and reduce store and pharmacy density.

Employees affected by the Target store-in-store closures will be offered comparable roles within the company.

Unfortunately, CVS declined to identify the locations slated for closure.

However, the pharmacy retailer did state that it has about 1,800 locations inside Target stores.

Prescriptions at closing locations will be transferred to a nearby CVS Pharmacy, the company said. 

CVS acquired Target’s pharmacy business in 2015.

The deal was worth a whopping $1.9 billion, The Wall Street Journal reported.

The partnership was “a significant shift” in Target’s business model, CEO Brian Cornell said in a blog post at that time.

Rather than invest its own resources into in-store healthcare, the company instead chose to rely on “an expert partner” which gave Target the bandwidth to focus on growing its overall wellness business, the company said.

“The closures are part of our plan to realign our national retail footprint and reduce store and pharmacy density and are based on our evaluation of changes in population, consumer buying patterns and future health needs to ensure we have the right pharmacy format in the right locations for patients,” CVS spokesperson Amy Thibault said in an email.

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

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Market News Today - A Fast Food Chain Now Closes Doors After Unexpected Bankruptcy.
Market News Today – A Fast Food Chain Now Closes Doors After Unexpected Bankruptcy.

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