A popular retailer now announces an unexpected closure in California which is set to take place in just a few days.
Climbers, hikers, and campers in Santa Monica, California, will have to find a new store for all their gear as REI is closing its staple location in the city at the end of February, reports The-Sun.
The store closure, first reported by the Los Angeles Times, comes just weeks after the outdoor retail giant closed another major location in Portland, Oregon.
The Santa Monica store is reportedly set to shut its doors at 6 pm on Thursday, February 29.
It first opened in 2006 and has been a favorite of many shoppers in the area.
The news of its closure left many upset on social media.
“Such a major bummer!” one customer wrote on Facebook.
“Another one bites the dust!” another person said.
“I’ve never been into one. It’s sad though, when any business, has to close,” a third shopper said.
However, REI fans don’t have to worry too much as the retailer recently opened another location in September 2023 in Marina del Rey – less than five miles south of Santa Monica.
Some shoppers who have already visited the new location have raved about the store.
“The new store in MDR is fabulous! Smart employees who are trained to actually know their merchandise. If you’re looking for outdoor clothing and gear, that’s the place to go for ideas, info, and terrific outdoor clothing options,” one shopper wrote.
“Their shop in Manhattan Beach is great too. Biking, camping, skiing, etc – they’ve got the gear and clothes to help outfit you.”
Since it was founded in 1938, REI has amassed 23 million lifetime members and around 181 locations across the United States.
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Also Read: This Massive Mall Retailer Is Now Closing In California
Other Economy News Today
An iconic clothing mall retailer now prepares for unexpected bankruptcy, prompting stores to slash prices at locations.
Express is preparing to file for possible bankruptcy, according to a report by the Wall Street Journal.
People inside the apparel company told the outlet it could file for Chapter 11 in only a matter of weeks.
It comes after Express hired debt restructuring adviser M3 and law firm Kirkland & Ellis.
The publicly-traded company has close of a whopping $280 million of debt amid declining sales.
If Express cannot negotiate new terms with its lenders, it may be forced to restructure its debt via a Chapter 11 bankruptcy, reports The-Sun.
Chief executive officer Stewart Glendinning said during an earnings call in November 2023 that offering discounts to customers will also be part of the company’s strategy.
“We’re actively adjusting our assortment architecture through a better balance in wearing occasion, price points, and a focus on more casual tops and bottoms,” he said.
Express is currently offering 40% off everything.
The fast fashion chain has struggled to maintain a footing since closing 91 stores in 2020, reports the outlet.
Express first opened in 1980, offering customers stylish everyday pieces at an affordable price.
However, these days, it is struggling to differentiate itself from other retailers.
“Until they fix the waning consumer demand for their merchandise and elevate the brand and product mix, financial wizardry will not resolve their retail woes,” Shawn Grain Carter, a retail industry consultant and professor at the Fashion Institute of Technology at the State University told Retail Dive.
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Also Read: A US Company Now Declares An Unexpected Bankruptcy
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