A massive California retailer is now closing another location for good in just less than a month, sources have confirmed.
A Walmart store is closing its doors for good in less than a month, forcing customers and pharmacy users to go elsewhere, reports The-Sun.
The retailer confirmed on Tuesday that the Granite Bay store in California will be closed next month.
According to Walmart, the Neighborhood Market store is scheduled to shutter on April 12 after it failed to meet “financial expectations.”
“This decision was not made lightly and was reached only after a careful and thoughtful review process,” Alicia Anger, communications director for Walmart told The Sacramento Bee.
“We have nearly 5,000 stores across the U.S. and unfortunately some do not meet our financial expectations.”
“While our underlying business is strong, this store hasn’t performed as well as we hoped.”
The store failed to perform despite being open seven days a week from 6 am to 11 pm.
As a result, customers in the Sacramento area will be forced to visit one of the other nearby locations.
The same goes for customers of the Granite Bay Walmart pharmacy.
Anger confirmed that pharmacy staff will help transfer prescriptions to another nearby Walmart before the store shutters.
“We are grateful to the customers who have given us the privilege of serving them at our store in Granite Bay,” the communications director said.
The store’s 81 associates will all be given the option of transferring to another location and will be paid through to June.
Those who opt not to take the transfer offer will be given severance pay, Anger explained.
She added that no other closures are currently expected for the Sacramento area.
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Also Read: A Massive Mall Retailer Is Now Closing in California
Other Economy News Today
This massive discount retailer is now closing 1,000 stores as inflation pressures the company to shutter several locations.
Dollar Tree Inc. plans to close a whopping 600 of its Family Dollar stores during the first half of the year, the company said Wednesday.
The retailer also intends to close an additional 370 Family Dollar stores and 30 Dollar Tree stores in the coming years as leases expire, CEO Rick Dreiling said during an earnings call.
Consolidated net sales for the fourth quarter rose 12% to $8.6 billion from $7.7 billion year over year.
Quarterly net sales at the company’s namesake banner rose 15% to nearly $5 billion, up from $4.3 billion a year earlier.
Family Dollar net sales rose 7% to $3.7 from $3.4 billion.
Overall, the company posted a net loss of $1.7 billion for Q4.
For the full year, consolidated net sales rose 8% to $30.6 billion from $28.3 billion a year earlier.
However, the company swung to a net loss of $998 million from a prior year profit of $1.62 billion.
Overall same-store sales increased 4.6%.
By banner, Dollar Tree’s comps rose nearly 6%, while Family Dollar’s comps grew 3.2%.
Dollar Tree said in November that it planned to review its Family Dollar portfolio and identify underperforming stores for closure, relocation, or re-bannering.
The Virginia-based company, which had 16,774 stores in the U.S. and Canada as of last month, publicly shared the outcome of its review for the first time Wednesday.
Dreiling said persistent inflation and reduced government benefits continue to pressure the lower-income consumers that comprise a sizeable portion of Family Dollar’s customer base.
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Also Read: A Massive Grocery Store Will Now Close All Locations
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