A massive grocery store is now closing locations nationwide after facing financial problems, an industry trend caused by the rising cost of goods.
Stop & Shop has struggled to stay afloat amid a wave of financial troubles, and the chain plans to shutter many of its stores.
The exact locations set to close are unknown, leading one store to make the announcement quietly to its customers, reports The-Sun.
Stop & Shop is shuttering an unknown number of its 400 stores.
The closures will take place across the five states Stop & Shop operates in: Connecticut, Massachusetts, New Jersey, New York, and Rhode Island.
The grocer plans to close several underperforming locations but has left shoppers in the dark about how many stores will face the chopping block and which locations.
However, a Stop & Shop in Ocean County, New Jersey – 25 miles from Atlantic City – shared the news of its impending closure with its shoppers, per a local outlet.
The store in Jackson Township is set to close in early fall after its lease expires.
Located in Bennetts Mills Plaza, the Stop & Shop will be shutting its doors because it was evaluated as underperforming by the company.
Customers in the area can still buy groceries at Stop & Shops in Howell, Toms River, Freehold Township, and Brick.
Workers at the Jackson Stop & Shop are also welcome to transfer to other locations once it closes.
“The value proposition and pricing at Stop & Shop are simply not strong enough,” said JJ Fleeman, the CEO of Ahold Delhaize, Stop & Shop’s parent company.
Since the start of a revitalization campaign around six years ago, Stop & Shop has remodeled nearly half its locations.
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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois
Other Economy News Today
An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.
TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.
This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.
The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.
Today, Fridays will welcome in famished diners at its location in Brick for the final time.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.
“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”
Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.
“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.
“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.
Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.
The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.
Also Read: Retirees Will Now Receive More Money For Social Security
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high prices not good for the people, good for the owners
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