A massive US grocery store has now abruptly closed after it provided all of its employees with a 14-day notice of the decision.
The Walmart in Columbus, Ohio, which employs around 180 people, closed its doors on Friday.
The store is 2666 located at 3579 S High St, Columbus, OH 43207.
Walmart wrote a letter to Columbus Mayor Andrew Ginther, detailing its reason for shutting the store down.
“This decision was not made lightly and was reached only after a careful and thoughtful review process,” said Walmart.
“Unfortunately, some [stores] do not meet our financial expectations.
“While our underlying business is strong, this store hasn’t performed as well as we hoped, and we made the decision to not renew the lease.”
Employees were notified about the closure on February 2nd and are eligible for employment at other locations, but they only have a certain amount of time to find another job.
“All the associates at this location who do not otherwise secure employment with the company following a paid job search period will be terminated, effective May 3, 2024,” the statement read.
The pharmacy in the Columbus store will remain open until March 4, reports local NBC affiliate WCMH.
Walmart shoppers in Columbus still have ten other stores to shop at in the area, reports The-Sun.
A week before the Columbus store closure, Walmart also closed two additional stores in San Diego and El Cajon, California, per Business Insider.
This comes after the major retailer announced its plan to add more than 150 stores over the next five years.
However, Walmart is still shutting down stores that underperform.
Walmart closed over 20 stores last year, citing theft issues and low profit margins.
The increase in theft has been blamed mainly on the self-checkout kiosks at major retailers, reports The-Sun.
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Also Read: This Massive Mall Retailer Is Now Closing In California
Other Economy News Today
Another popular restaurant now declares an unexpected bankruptcy after closing several chains in Chicago, Arizona, and California.
Etta Collective, a small chain that operates multiple concepts in Chicago, Arizona and Los Angeles has closed several restaurants and has filed for Chapter 11 bankruptcy, reports TheStreet.
The chain closed its namesake restaurant in Los Angeles last year and abruptly shut down a Chicago-area restaurant, Sophie’s, earlier this year.
Now, after defaulting on a $2.5 million loan, the company’s owner, restaurateur David Pisor, has officially made the bankruptcy filing.
Pisor’s Etta collective runs a number of different concepts including its namesake restaurants, a bakery cafe, Alston House, a high-end steakhouse, and Kari, an upscale sushi concept.
The chain also has Marilyn’s, a planned concept that has not opened.
Pisor has said that the bankruptcy filing was made in order to help the company continue to operate.
“We have made a proactive decision to commence this strategic reorganization process with the cooperation of our lender, who has agreed to work with us so that we can come out of this process even stronger than before,” Restaurant Business reported.
The bankruptcy process could include a sale of the brand as the investor John Leahy has emerged as a bidder for the company’s assets.
“Our aim is to best position the Etta brand for future success,” Pisor said in a statement.
“By filing for protection under Chapter 11, we will be able to restructure our financial position while continuing our daily operations and keeping our locations open.
As has already happened in our Scottsdale location, we predict that we will emerge stronger both operationally and financially.”
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Also Read: Another Mall Clothing Retailer Now At High Risk of Bankruptcy
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a key point in your article was missed…WHICH WALMART is closing? There are several Walmart stores in Columbus…(a city of 1.2 million people).
Just updated the article with the following information:
“The store is 2666 located at 3579 S High St, Columbus, OH 43207.”
Leave your thoughts below.
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