A Massive Retailer Now Closes in California

A massive retailer now closes in California for good after several other chains shut their doors to an increase in crime.

The popular clothing chain Hollister has now become the latest retailer to close a store in San Francisco, California.

Major brands including Adidas and Nordstrom have shuttered outlets or announced store closures that will impact shoppers in Californian city which has been plagued by crime, reports The-Sun.

The Hollister store at the San Francisco Centre shopping mall closed last month, per The San Francisco Chronicle.

Pictures shared with The Chronicle showed the store premises boarded up.

The San Francisco location has been removed from the chain’s list of locations in California, per its website.

Hollister, which has more than 400 stores nationwide, still has a presence in major cities including Fresno, Sacramento, San Jose, and San Diego.

Bosses have not revealed the reason why the store in San Francisco has closed down.

Hollister is owned by Abercrombie & Fitch and its leaders reported robust growth, per a company earnings call.

Chiefs hailed the better-than-expected sales during the holiday period.

But, stores in San Francisco have been the victims of vandalism and theft.

Several retailers have closed stores in the city over recent months.

The only Adidas store in the Bay Area will also close this month.

Prices of items have also been cut by 50% ahead of the closure on January 13.

A Target store in San Francisco was one of nine that closed across the US in October because of rising theft.

Nordstrom closed its five-floor department store at the end of August after 35 years.

The closure of the store was mourned by devastated shoppers.

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Market News Today - A Massive Retailer Now Closes in California.
Market News Today – A Massive Retailer Now Closes in California.

An iconic home retailer now makes unexpected store closures as 17 locations abruptly shutter due to ‘financial issues’.

The Kelly-Moore Paints locations were closed just days before the new year, leaving employees out of work for the start of 2024, reports The-Sun.

Stores throughout Texas, Oklahoma, and California were closed, and the company’s paint manufacturing facility in Hurst, Texas, has temporarily halted production.

Kelly-Moore said it will continue to fulfill online orders and stock retail stores with products it already has.

Jordan Wilson worked at one of the Texas stores that closed and exclusively told The U.S. Sun about how the news was delivered.

On the morning of January 5, Kelly-Moore’s chief executive officer, Charles Gassenheimer, announced over a Zoom call that the company was having “financial issues” and 700 employees would be placed on furlough, he said.

It would last until a deal could be reached with an outside investor, and there were allegedly three deals in the making.

Gassenheimer also said there would be limited production during the furlough to clear out existing inventory.

“I am one of the 700, and with 9 years in service at Kelly-Moore, and many others with much longer, we never expected to see anything like this,” said Wilson.

“On top of the 700 lives, this furlough has caused understaffed stores and limited production in the factory, which will cause a loss of customers, which in turn will lead to a loss of business, then the company dies.

“I don’t think many of the 700 can afford to just sit around and hope, and trust that things will get better and they will get their jobs back. I sure can’t!

“My thoughts are that the Flacks group is gearing up to sell Kelly-Moore to the highest bidder and get out with as much money as they can.”

He is referring to Flacks Group, an investment firm that bought Kelly-Moore in October 2022.

Kelly-Moore has been grappling with thousands of asbestos litigation claims for the last 30 years.

Under previous ownership, asbestos was used in cement and texture products until 1981 when the practice was discounted.

However, existing lawsuits led to a “cash drain” that left Kelly-Moore’s finances “severely constrained.”

The company has struggled to address supply chain issues that were exacerbated by the pandemic due to the lack of cash.

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Market News Today - A Massive Retailer Now Closes in California.
Market News Today – A Massive Retailer Now Closes in California.

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