A massive thrift store with 429 locations now beings closing, starting with a major spot after 75 years in business.
The Salvation Army has announced the closure of one of its 429 nationwide thrift stores.
The location in Austin, Minnesota has been slated to shutter.
Shoppers have until May 27th to grab a bargain, reports The US Sun.
However, the store has already stopped accepting new donations.
Although the decision came with a heavy heart, Austin Salvation Army Major Jeff Strickler told local CBS affiliate KIMT3 it was the right choice.
“It really is for the good,” he told the outlet.
“Obviously, if we were keeping our store open, if it was going the way that it has been going we would be losing money and that would be detracting money from social services that we provide here.”
The Salvation Army provides housing and utility assistance, addiction treatment, domestic abuse shelter, food for families in need, and much more.
Its thrift stores, found coast to coast, are one way the organization raises money.
However, closures aren’t just affecting thrift stores but also major retailers nationwide.
For example, Express announced the closure of 95 stores last week.
It comes following the fashion retailer’s Chapter 11 bankruptcy filing.
Closing-down sales are already underway, although Express has not yet announced a final date to shop.
Online, everything has been marked down to 40% off.
Meanwhile, Walmart has closed six stores so far this year, with a seventh shuttering on the way.
The most recent closure, affecting a Neighborhood Market store in Milwaukee, Wisconsin, was announced this month.
The store will close for good May 17th.
The nation’s largest grocery retailer has also closed four stores in California, one in Ohio, and one in Maryland since February.
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Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing
Other Economy News Today
A massive shoe retailer now announces a new wave of layoffs to hit headquarters this summer, affecting over 700 employees.
Nike has announced its ‘second phase’ of mass layoffs, effective June 28, according to a Worker Adjustment and Retraining Notification (WARN) filing.
A total of 740 employees will be impacted in the retailer’s home state.
The layoffs are part of the 2% workforce reduction Nike announced in February, which is taking place across two phases, the company confirmed via email.
Nike said job titles and the number of employees in each category would be provided at a later date, once the company has determined them.
Bumping rights are not available for the impacted employees, reports Retail Dive.
“Nike’s always at our best when we’re on the offense. The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities as interest in sport, health and wellness have never been stronger,” Nike said in a statement.
“While these changes will impact approximately 2% of our total workforce, we are grateful for the contributions made by all Nike teammates.”
The layoffs are tied to a cost-savings plan Nike unveiled in December, which is aimed at generating up to $2 billion in cumulative savings over three years.
Based on the company’s last annual report, the layoffs to 2% of its total workforce will impact more than 1,600 people.
Savings from the plan are set to be reinvested in driving growth, innovation and profitability.
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Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy
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