A home improvement chain now announces an unexpected closure in the coming months, initiating discounts on various goods.
Signs plastered across the At Home store at the Destiny USA shopping mall in Syracuse informed customers the prices of items will be cut by up to 30%, reports The-Sun.
Bosses say nothing will be held back.
At Home officials announced the store’s Syracuse, NY, location will close early August without providing any further detail.
The home décor store is currently located in the Destiny USA shopping center, taking up 88,000 square feet of the first floor.
At Home has been part of the American retail scene for more than 40 years.
The chain’s first store opened in Dallas, Texas, in 1979 but hundreds have opened in the following decades.
In August 2023, the retail chain closed another location in Iowa after shutting down several other locations the previous year in New York, California, Illinois and Texas.
The retailer did not provide reasons for those closures either.
At Home is just one of thousands of retail stores falling victim to the “retail apocalypse” happening across the country.
Similar retailers like Macy’s and Walmart announced the closure of hundreds of stores.
Macy’s announced earlier this year that it will close 150 “underproductive” stores through 2026.
Macy’s plans on closing its flagship store in Union Square, San Francisco.
Family Dollar, a retail store known for its discounted prices, will also be closing hundreds of stores across the country.
The retail chain, which was acquired by Dollar Tree in 2015, already closed 34 locations in Ohio this April.
Rick Dreiling, CEO of Dollar Tree, attributed the closures to harsh economic conditions in a press release.
In an earnings call, Dreiling reportedly described the economy as a “very challenging macro environment.”
On top of closing stores, the Dollar Tree will also be raising some prices from $1.25 to $7.
The ongoing cost-of-living crisis and inflation rates have not just been hitting large retail companies hard, but also smaller businesses.
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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois
Other Economy News Today
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.
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Can you elaborate on the economic challenges mentioned by Rick Dreiling, CEO of Dollar Tree, in relation to the closures of retail stores?
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