A food market in Connecticut is now making unexpected closures of some of its underperforming stores, sources report.
Stop & Shop is closing a total of 32 underperforming grocery stores across the US northeast as part of the company’s efforts to improve its financial performance.
Shoppers are also being squeezed by higher prices at the grocery store, with food prices experiencing modest upticks last month, according to the newest inflation report.
“Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” said the chain’s president Gordon Reid in a release.
Ahold Delhaize, the chain’s Dutch parent company, revealed the locations Friday adding that they will close in early November.
The closures come amid a broader shake up in the US grocery industry including the rise of low-cost grocery brand Aldi, which plans to open open 800 locations.
In addition, Kroger and Albertson’s announced plans for a $25 billion merger earlier this year.
Meanwhile, the Federal Trade Commission has sued to block the merger.
Ahold Delhaize announced in May at its investor day that store reductions were planned, but didn’t specify locations at the time, per CNN.
The following five stores have now been announced to close in Connecticut.
- 100 Division St., Ansonia
- 72 Newtown Road, Danbury
- 855 Bridgeport Ave., Milford
- 1937 West Main St., Stamford
- 211 High St., Torrington
Stop & Shop said it “remains committed to serving its communities through other store locations, online shopping and home delivery services.”
Employees impacted by the closures will be offered other opportunities in the company.
Following the closures, the 110-year-old chain said it will “continue to have a strong presence across its five-state footprint with more than 350 stores.”
Stop & Shop has remodeled about half of its locations since 2018, with those refreshed stores “outperforming” the ones that haven’t been updated.
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Other Economy News Today
A beloved grocery chain now confirms unexpected closures across the Northeast taking place by the end of the year.
Grocery chain Stop & Shop has announced that a total of 32 underperforming locations will shutter in the U.S.
The company said the select stores across the Northeast will be closed before the end of the year.
Stores in New Jersey, Massachusetts, New York, Connecticut, and Rhode Island will close by November 2.
In May, the company announced the coming store closures.
“Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” company president Gordon Reid said, per a July 12 press release.
The company’s president added that the closures were essential “to create a healthy base for the future growth of our brand.”
Fortunately, employees will be offered other positions within the company, according to a press release.
The grocery outlet first opened in 2014 and currently has around 400 stores and 60,000 employees, per Fox affiliate KRLD.
Stop & Shop is owned by Ahold Delhaize which also owns Food Lion, Giant Food, and Hannaford.
Which grocery stores are closing?
In New Jersey, 10 locations will close, while only seven will close in New York.
Rhode Island will see two closures and Massachusetts, the home of the first location, will be closing eight.
Five stores will also be closing in Connecticut.
As other chains such as Walmart and Amazon join the grocery business, it has pushed traditional grocery stores out of view, reports The-Sun.
Stop & Shop hopes the closure of underperforming stores will create “future growth” for the company.
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