A Massive Shoe Retailer Is Now Closing Locations

A massive shoe retailer is now closing locations after store employees said the business was “priced out” after a rent increase.

The Journeys in the Arnot Mall will be closing on January 20 after the company announced plans to shutter 100 stores, reports The-Sun.

Select staff will be transferred to other Journeys locations.

The store is located in Horseheads, which is about two hours south of Syracuse.

The manager said the closure was disappointing and the employees are like family.

There is no closing sale because all the merchandise will be transferred to nearby locations.

This comes after Genesco, which owns the shoe store, announced it would close 100 stores and move away from malls.

In May, it was initially estimated that only 60 locations would close after net sales dipped 7% due largely to a 13% decrease at Journeys.

Genesco expects to save up to $40 million from the closures, reports Retail Dive.

Now the company plans to shift the store’s presence away from malls.

“We still have work to do, but we are so far encouraged by the early reads and believe this initiative will represent a key element in Journeys’ growth moving forward,” said Genesco CEO Mimi Vaughn during an earnings call.

The JCPenney in the Shenango Valley Mall also fought to stay open for years but is set to close in the next few months.

The two businesses had been in a legal dispute for years because the mall wanted to evict the retailer and renovate the property, which is located in Pennsylvania.

JCPenney sued the mall and the court eventually ruled in favor of Butterfli Holdings LLC, the owners of the mall.

It was the last anchor store in the mall after Macy’s and Sears closed in 2017.

The closure of retailer stores continues to be a developing story — for more news and updates like this, opt-in for push notifications.

Also Read: A US Company Now Declares An Unexpected Bankruptcy

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Market News Today - A Massive Shoe Retailer Is Now Closing Locations.
Market News Today – A Massive Shoe Retailer Is Now Closing Locations.

A massive bank now lays off a whopping 5000 staff members globally in efforts to drive efficiency and slash costs.

Barclays said it has axed around 5,000 jobs globally during 2023 to “simplify and reshape the business”, with most of the roles affected in the technology side of the business.

The bank said the jobs were “removed” as part of its ongoing efficiency programme. The majority jobs affected are within its support arm, Barclays Execution Services, which provides technological and operation services to businesses.

Barclays said the majority of individuals impacted by the job losses worked in the bank’s support and UK chief operating officer functions as “management layers are reduced” and the group “improves its technology and automation capabilities”.

It comes after the trade union Unite said last year that Barclays had cut 900 jobs in its UK business.

In November, Unite said the jobs would go across a number of back-office divisions and branded the decision to axe staff in the lead-up to Christmas “disgraceful”.

Barclays has cut costs in recent years, and has already seen jobs go across its retail and investment banking businesses.

A Barclays spokesperson said: “Barclays removed approximately 5,000 headcount globally through 2023 as part of its ongoing efficiency programme designed to simplify and reshape the business, improve service, and deliver higher returns. The Group is also creating capacity to selectively hire front office roles in key businesses.

“The majority of the individuals impacted are within Barclays’ support function, Barclays Execution Services ‘BX’, and the Barclays UK chief operating officer function, as management layers are reduced and the group improves its technology and automation capabilities.

“We are supporting impacted colleagues with training, advice and outplacement services, depending on their location.

“The headcount reduction programme forms part of the potential material structural cost action charge announced at Q3 2023 results, to be taken in Q4 2023.”

Also Read: Wells Fargo is Now Freezing Bank Accounts in New Scandal

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Market News Today - A Massive Shoe Retailer Is Now Closing Locations.
Market News Today – A Massive Shoe Retailer Is Now Closing Locations.

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