A Grocery Chain Now Makes An Unexpected Closure in Iowa

A grocery chain now makes an unexpected closure in Iowa, leading to growing fears of a potential ‘food desert’.

Hy-Vee officially announced the closure of its stores in Cedar Rapids, and Waterloo, Iowa, with the last operating day being Sunday, June 23.

Senior vice president of communications, Tina Potthoff, explained that the decision to close stemmed from the store’s failure to meet financial expectations in recent years.

However, affected employees will be provided opportunities for employment at other locations with no change in pay rate or benefits.

Pharmacy patients will receive detailed information via email regarding alternative pharmacy options.

“Unfortunately, these locations have not consistently met our financial expectations and sales goals over the past several years,” Potthoff told the Corridor Business Journal.

“All employees will be offered a position at another Hy-Vee store in the area, at the same rate of pay, and will retain their existing benefits.

Pharmacy customers’ prescriptions will be automatically transferred to another local Hy-Vee Pharmacy.

Patients will receive a letter in the mail with additional information on the pharmacy that will serve them in the future.”

The Wellington Heights and Mound View locations came as a result of around $1 million of tax incentives offered by the Cedar Rapids government back in 2001.

“This store was built on the back of taxpayer support, and its closure betrays the community’s trust and investment,” State Representative Sami Scheetz said in a statement, per local CBS affiliate KGAN-TV reported.

The closure of Hy-Vee means that the Wellington Heights community lost its closest grocery store.

“The impending June 23 closure of this critical grocery will particularly affect the working-class neighborhoods of Wellington Heights and Mound View, potentially leading to a food desert,” Scheetz said.

The Hy-Vee closure contributes to the mass closure of stores across the country.

It’s feared that thousands of stores could close by the end of the year, reports The-Sun.

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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

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Market News Today - A Grocery Chain Now Makes An Unexpected Closure in Iowa.
Market News Today – A Grocery Chain Now Makes An Unexpected Closure in Iowa.

A massive clothing retailer is now closing all 540 stores in just six weeks after unexpectedly filing for bankruptcy.

Liquidation sales will be held at rue21 outlets across the US as bosses rush to clear the last remaining stock.

The clothing retailer has entered bankruptcy and bosses have announced plans to close all 540 remaining stores within six weeks, reports The US Sun.

It is the third time in less than 25 years the fashion retailer has entered bankruptcy, per Bloomberg.

Court documents seen by Reuters revealed the company has more than $190 million of debt.

The chain has 540 stores across the US and 4,900 workers are set to be impacted.

Outlets are to slam shut within four to six weeks, according to court papers.

Bosses also announced plans to sell the company’s intellectual property.

The company narrowly avoided going into bankruptcy in October 2022.

Chiefs filed for bankruptcy in 2017 as they rushed to clear around $700 million worth of debt.

Bosses shuttered 400 stores as well and renegotiated leases.

Execs identified the rise of online shopping and changing consumer trends as reasons behind the bankruptcy.

Michele Pascoe, the interim CEO, also alluded to the impacts of competition and inflation.

The company also filed for bankruptcy in 2002.

At its peak, the company had more than 1,000 stores across the US.

The chain has dozens of outlets across several states, including Florida, Georgia, Illinois, North Carolina, Pennsylvania and Texas.

The teen fashion retailer is not the only clothing chain that has entered bankruptcy over the past year.

Last month, Express chiefs filed for bankruptcy, and at least 100 stores are set to close.

Also Read: Retirees Will Now Receive More Money For Social Security

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Market News Today - A Grocery Chain Now Makes An Unexpected Closure in Iowa.
Market News Today – A Grocery Chain Now Makes An Unexpected Closure in Iowa.

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