A giant company now announces unexpected layoffs in Maryland as the retailer closes locations, disappointing the community.
The Walmart at the Towson Place shopping center will close on April 5, resulting in a total of 213 job losses.
Walmart advised that employees will be paid through June 15, and those who choose not to transfer will receive severance based on eligibility.
“I think it’s terrible,” customer Veronica Bell said.
The Walmart on Putty Hill Avenue is one of 24 stores closing nationwide.
It’s the only Maryland location that is impacted.
“I’m kind of disappointed because it’s convenient for a lot of people here,” customer Todd Johnson said.
“I really will miss it. I use this store often, at least every month,” another shopper said.
Walmart officials said the company decided to close the store because it is underperforming financially.
Towson University economist Daraius Irani explained further.
“The challenge with Walmart and other discounters is low margins.
So, if there’s not the volume of people coming through, that affects their margins, because if you’re only making one, two or three percent on an item, if you have a low number of people going through, that does affect your profitability,” Irani said.
The closure will have a huge impact on the area, leaving a big hole in a shopping center that has suffered its share of vacancies.
But turnover is a normal part of retail, according to Irani.
“I don’t think there is a cause for concern. In some cases, we’re seeing Amazon open up brick-and-mortar spaces,” he said.
Still, the closure will be routine-altering for Towson residents, forcing them to travel to White Marsh or beyond for the nearest Walmart.
“I don’t have all that gas money. I’m retired. When you’re retired, you have to watch your money, not throw it away,” Bell said.
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Other Economy News Today
A famous retailer is now closing nearly half its stores, part of a new restructuring plan that has prompted liquidation sales.
Iconic chain Sam Ash operated 44 locations in Arizona, California, Connecticut, Florida, Georgia, Illinois, Indiana, North Carolina, New Jersey, Nevada, New York, Ohio, Pennsylvania, Tennessee, Texas, and Virginia.
The company did not make the decision to close stores lightly.
“For the last 100 years, Sam Ash Music has successfully adapted to meet the challenge of changing business conditions.
As we look towards the next 100 years, the company must continue to adapt to ensure its continued success,” Sam Ash told amNewYork Metro.
The company, which also sells through its website, wanted to make it clear that it’s not abandoning brick-and-mortar stores.
“Sam Ash Music remains committed to keeping a strong physical store footprint in the future while we continue growing our successful online sales offerings.
As part of this restructuring, the company is closing several stores nationwide.
This restructuring is emotionally tough, but we are confident these moves will make Sam Ash Music stronger as we continue serving the music community into the future, as we have for the past 100 years,” the chain shared.
Liquidation sales have begun at the impacted stores but the company has not shared specific closure dates.
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Also Read: A New Wave of Unexpected Layoffs Now Hits Georgia
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