A massive Walmart now unexpectedly closes and liquidates its inventory at 75% off in Connecticut.
“A recent surprise announcement of yet another 2023 Walmart store closure, this one a location in Norwalk, Connecticut, has led customers to enthusiastically take advantage of the store’s current liquidation sale,” reports Joel Eisenberg.
The store, located at 680 Connecticut Avenue is closing on November 3rd.
“There are 4,623 Walmart stores in the United States as of October 16, 2023“, reports ScrapeHero.
According to an October 28th report from The-Sun, a large percentage of the store’s inventory, such as fresh groceries, has already sold out.
The company promised jobs will be available at other locations for any of the 255 workers who wish to remain with the company.
The company is currently listing approximately 280 positions in Connecticut.
“We are grateful to the customers who have given us the privilege of serving them at our Connecticut Avenue location,” stated Walmart spokesperson Felicia McCranie, in an email to CT Insider.
Residents on the other hand are not as thrilled.
“I’m here all the time, so it’s definitely a little bit frustrating,” said Missy Dye Radin, a Norwalk resident who was shopping for schools supplies for her son.
“It’s definitely going to be a loss for the community, I think, because you are just limited about where you can go.”
On Connecticut Avenue, Target surfaced earlier this year as a potential replacement tenant, but has yet to confirm it is moving ahead with the store in response to CT Insider queries.
“Target is more expensive,” Radin said. “You can get everything you need for your house, but I just feel like you’re getting a better value at Walmart.”
Other Economy News Today
A popular beer brand has now filed for an unexpected bankruptcy in efforts to reorganize the business and stay afloat, the company said.
Metropolitan Brewing, one of Chicago’s oldest craft breweries has filed for Chapter 11 bankruptcy “largely because it cannot afford to pay the back rent it owes its lenders,” reports TheStreet.
“Yeah, it’s true. Earlier this week, we filed for Chapter 11 bankruptcy protection.
This is the ‘reorganization’ type of bankruptcy, meant to help us right our ship.
The details are super boring. Importantly…
We are still open, and we have no current plans to change that status,” the company’s owners shared.
The company’s Chapter 11 filing blames its struggles on its rent.
The brewer moved to a new, more expensive, location in 2017 and is now unable to fulfill its obligations.
“The bankruptcy is being filed because while (Metropolitan) can pay market rent for the brewery space going forward . . . there is no way the (brewery) can ever repay the amount of back rent the landlord is seeking,” the Chicago Tribune reported the company shared in its filing.
“We still have plenty of fight in us. And we still believe in the beer we brew. We’ll get through this. It will just be easier — and way more fun — if you join us,” the company shared in a post reminding customers that it’s open year-round.
However, industry leaders say breweries in general are facing challenges nationwide.
“Honestly, it’s not just Portland, brewery sales are down nationwide,” said Larry Clouser who has owned multiple breweries in Oregon in an interview with KGW8.
“Within the last month, seven breweries and taprooms in Portland have closed or announced their upcoming closure.
Rising costs of operation, changes in consumer drinking habits, and the lingering effects of the pandemic have all affected the market,” reported an Oregon Public Radio.
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