A massive bankrupt retailer now comes to its end as it prepares to close down all of its stores in just moments time.
Z Gallerie which operates 21 stores in nine states, began its liquidation sales in late October, and the company’s partner that operates those sales has disclosed when the chain will close its doors for good.
The company described itself as a “specialty retailer of affordable home furnishings and décor.”
Liquidation sales have begun and the initial discounts of up to 40% have increased on some items.
The liquidation sales are being run by B. Riley Financial in its capacity as a retail consultant in connection with the Chapter 11 bankruptcy of DirectBuy Home Improvement Inc., which is the corporate name for the company that owns Z Gallerie.
Liquidation sales generally have end dates. In this case, it will depend on the inventory at each Z Gallerie location, reports TheStreet.
“All stores will run to the end of the year or until they run out of inventory (whatever comes sooner),” a B. Riley spokesperson stated.
The company made the following statement:
“All purchases made during this sale event are final. Returns on items purchased after October 24, 2023, will not be accepted.
Returns for items purchased prior to October 24, 2023, may be returned following the company’s return policy with a receipt.
Z Gallerie gift cards may be used until November 15, 2023.”
This is a developing story.
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Other Economy News Today
A massive bank now eliminates hundreds of job positions accounting for roughly 10% of senior manager roles.
Citigroup Inc. is eliminating more than 300 senior manager roles as part of Chief Executive Officer Jane Fraser’s efforts to simplify the Wall Street giant, reports Bloomberg.
The company started announcing the cuts — which affect staffers two levels below Fraser’s executive management team — on Monday, according to a person familiar with the matter.
“They amount to roughly 10% of the workers at that level, according to the person, who asked not to be identified discussing personnel information.”
“Today we shared with our colleagues the next layer of changes across many of our businesses and functions as we continue to align Citi’s organizational structure with our new, simplified operating model,” the bank said in a statement.
“As we’ve acknowledged, the actions we’re taking to reorganize the firm involve some difficult, consequential decisions, but we believe they are the right steps to align our structure with our strategy and ensure we consistently deliver excellence to our clients.”
Citigroup last month announced plans to reduce its organization structure from 13 layers to eight and has axed 60 management committees, with more changes set to come that could reportedly see it cut up to 10% of its workforce.
The bank expects to complete its restructuring and subsequent layoffs by the end of March 2024.
Big banks with large trading and investment banking operations “have been struggling throughout 2023 to overcome a dealmaking slump, an uncertain economy, and the impact of higher interest rates from the Federal Reserve,” says Yahoo Finance.
Bonuses in the financial service industry are also expected to be flat or down for the year, according to a third quarter report from Johnson Associates.
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