A massive grocery chain with 400 stores is now closing 8 major locations in the same state in only two weeks time.
Maverick will close the stores for seven days on April 23 and April 30 respectively across Colorado.
For the former, stop-and-grab hot food joints on Parker Road and Green Valley Ranch Boulevard in Denver, Belleview Avenue in Littleton, Arapahoe Road in Centennial will all pull down their shutters for a week, reports The-Sun.
And for the latter, stores on Tower Road and Santa Fe Drive in Denver, Colfax Avenue in Golden and Clydesdale Parkway in Loveland will also pull the plug on operations.
It comes as shoppers seethed after Maverick finalized a deal to buy up the Kum & Go gas and convenience store franchise.
Since the takeover, 30 different rebrands have been completed with the customer favorite store being changed to the “Maverick” namesake and losing the famed Kum & Go tag.
Maverick currently owns 800 stores within their market territory, isolated to mostly the mid-west.
Along with a name change, all customers must switch over their Kum & Go rewards program if they wish to gain points at the rebranded locations.
“Your points and rewards from &Rewards will not move over to an Adventure Club account. You will still have an &Rewards account and can use your account at any open Kum & Go store locations,” reads an explanation on the Maverick website.
Kum & Go’s made-to-order food program has also been done away with, as Maverick has a tracker on their website to see when locations will make the switch.
Currently, 15 additional stores in Colorado are awaiting this brand and food service change, to be completed by May 7.
Maverick claims to have all applicable stores rebranded by the Summer of 2024.
The company also opened new stores, previously slated to be Kum & Gos, under the Maverick name.
“Look! Look what they did to my boy!!” cried one X user under an announcement of the change.
“If we all pool our money together, we can buy out Maverik and rename all of their gas stations to Kum & Go just to spite those squares,” added another.
Other customers went on to speculate on how the company ended up being bought out in the first place.
“Kum & Go thought they could expand into Utah and ran up against the superior juggernaut that is Maverik, and immediately got bought out lol,” wrote one user.
“I mean…. that was their plan from the day they expanded into Utah. They moved in to force Maverik’s hand to buy them,” replied another.
Someone else pointing to a larger market race to join other convenience store giants.
“If K&G was so inferior product why would Maverick buy them immediately,” they wrote.
“They were afraid of losing market share and the Krause family had wanted to sell for years.
Both chains are well behind Bucees, WaWa, Kwik Trip, Quick Trip and Casey’s.”
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Other Economy News Today
A massive retailer now liquidates and shutters its stores for good while also divesting its real estate assets, the company confirmed.
While it has not filed for any type of bankruptcy yet, 99 Cents Only has decided to close down and liquidate its stores.
“The company has entered into an agreement with Hilco Global to, among other things, liquidate all merchandise owned by the company and dispose of certain fixtures, furnishings, and equipment at the company’s stores.”
The sales began on April 5, 2024 and will be carried out at all 371 of the company’s stores, 99 Cents Only shared in a press release.
In addition, Hilco Real Estate will manage the sale of the company’s real estate assets, both owned and leased, in Arizona, California, Nevada, and Texas.
“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” said interim CEO Mike Simoncic.
“Unfortunately, the last several years have presented significant and lasting challenges in the retail environment, including the unprecedented impact of the COVID-19 pandemic, shifting consumer demand, rising levels of shrink, persistent inflationary pressures and other macroeconomic headwinds, all of which have greatly hindered the company’s ability to operate.”
Simonic has stepped down, and the company has appointed Chris Wells, Managing Director at Alvarez & Marsal, as Chief Restructuring Officer, per TheStreet.
While 371 stores seem like a lot, it’s a tiny amount compared to market leaders Dollar General, which has more than 19,000 locations, and Dollar Tree which has more than 16,000.
Having that many locations gives those discount retailers a massive advantage when it comes to buying.
That has always been an edge for larger chains, but, in the current era of supply chain problems, it has made it very hard for smaller players to compete.
And 99 Cents Only, which operates 371 locations, has a deep history.
“The stores date back to the 1960s when the company’s founder, Dave Gold, inherited a tiny liquor store in downtown Los Angeles and decided to run a test by selling bottles of wine at a fixed price-point of 99 cents.
The test was an instant success. Dave thought selling everything in the store for 99 cents would be hugely popular,” the company shared on its website.
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