A popular hardware chain now makes an unexpected closure while offering a liquidation sale of up to 50% off for shoppers.
Shoppers in Youngstown, Ohio, about 50 miles east of Akron, must act fast to take advantage of the liquidation sales at True Value Hardware in the Cornersburg Plaza Shopping Center, reports The-Sun.
Employees at the store noted the location’s official closure date is set for April 30, per local CBS affiliate WKBN-TV.
Liquidation sales are as high as 50% off for customers.
It’s unclear what led to the imminent shutdown, reports the outlet.
True Value still has around 4,500 independent locations across the world despite the Youngstown closure on April 30.
There are still several hardware stores in the area that customers can travel that are only a few miles from the soon-to-be-closed True Value.
They include Campbell Hardware & Supply, Star Supply, Lowe’s, and E&H Ace Hardware.
Both True Value and Ace Hardware share a similarity in having store locations around the country that are semi-independently owned.
This can offer both benefits and disadvantages, reports The-Sun.
While it allows franchisees to have much control over the operations of their locations, the stores’ success can depend a lot on what happens to them.
An Ace Hardware store in California closed its doors for good last fall after being open for almost a century.
Its co-owner, Frank Nelson, decided it was time for him to retire and shut down operations on October 20.
Liquidation sales as high as 60% were offered to customers.
Nelson still attempted to keep the business alive.
He tried getting other Ace Hardware franchisees to grab the opportunity and expand their reach by buying his store, but no one took him up on it.
This was despite raving reviews of the location, as it earned a 4.2 out of five-star rating on Google.
Some customers said it was “like entering a simpler time, almost nostalgic.”
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Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing
Other Economy News Today
A massive discount retailer is now closing 35 stores after a direct competitor filed for bankruptcy and shuttered all locations.
Dollar Tree has announced which locations in Ohio will be closing down in the coming months as fans watch for close-out sales.
Shoppers in several towns will no longer have a Dollar Tree or Family Dollar nearby as 35 stores shutter, reports The-Sun.
The national retailer announced that it would close 1,000 locations across the country earlier this month.
Dollar Tree became the parent company of Family Dollar after acquiring it for more than $8 billion almost a decade ago.
The company’s chairman and CEO Rick Dreiling described the current market as a “very challenging macro environment” in a March earnings call.
“To this end, we have initiated a comprehensive review of our Family Dollar portfolio to address underperforming stores that are not aligned with our transformative vision for the company,” he added.
Now, store representatives have named exactly which locations will shut down in Ohio – including 10 in the Cincinnati area alone.
Shoppers can expect the Cincinnati stores at the following locations to shut down this week:
- 3407 Harrison, Cincinnati
- Bridgetown Road, Cincinnati
- Hamilton Avenue, Mount Healthy
- N University Boulevard, Middletown
- Reading Road, Cincinnati
- Riverside Drive, New Miami
- S Breiel Boulevard, Middletown
- S 2nd Street, Ripley
- Waycross Road, Cincinnati
- W Plane Street, Bethel
An estimated 265 employees will be affected by the closures, with 200 facing a possible layoff, according to local Fox affiliate WLWT.
Company representatives told local reporters that employees who wanted to be transferred to other locations were given the possibility.
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Also Read: Retirees Will Now Receive More Money For Social Security
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