A popular retailer now closes majority of its stores with at least 16 shuttering in just weeks due to a big dip in sales.
Chiefs at B2 Outlet Stores revealed sales have dipped, and the company has not seen a turnaround in fortunes, reports The-Sun.
B2 Outlet Stores sell a range of discounted items, ranging from children’s clothes to toys and furniture.
Now 16 outlets across the country have closed their doors since November 7, according to the NBC affiliate WOOD-TV.
Executives announced earlier this week that the B2 Outlets Store in Hastings, Michigan, has shuttered.
President Duane Smith and CEO Matt Smith said closing stores isn’t an easy decision.
Sales had declined but the retailer had looked for ways how to combat it.
“We have pivoted with various creative ways to drive foot traffic, yet a turnaround has not occurred,” they said in a statement shared on Facebook.
“Although closing stores is never an easy decision, B2 has reached that point where closing a small number of stores is imperative.”
The duo thanked its loyal shoppers for their custom.
Prices were cut by 50% as the store rushed to clear the last remaining stock.
The prices of kids’ clothes were cut to just $2 – days before the shutdown.
It comes just months after the discount retailer closed its store in Big Rapids.
Outlets in Canton, Rochester Hills, Kalamazoo, Lansing, and Muskegon, have also shut up shop.
B2 Outlet Stores is not the only chain that has seen store closures or announced upcoming shutdowns.
Walgreens has warned that 150 drugstores will close by the summer of 2024.
Meanwhile, two Walmart stores in San Diego County will be closing on February 9.
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Also Read: A Grocery Store With 900 Locations Now Makes Unexpected Closure
Other Economy News Today
A home furniture retailer now files for unexpected bankruptcy as it moves forward with a plan to restructure its finances.
The RoomPlace revealed that it would make major changes including closing down six stores in one state following its bankruptcy filing.
This Bed Bath and Beyond rival, which opened in 1912, will shut down eight stores across the Midwest, reports The-Sun.
These will include a store in Peoria, Illinois; Kenosha; Wisconsin; and six in the Indianapolis area.
A date for the closures has not yet been announced by the company.
The RoomPlace’s CEO, Bruce Berman, was hopeful about the restructuring project and said it would allow to business to “align its costs with its projected sales and economic realities.”
“What was once viewed as taboo is now a strategic way to realign and strengthen a business,” he added.
Berman pointed out the difficult retail environment as sales decline, especially in the furniture industry.
“We’re making the tough decisions now to ensure we’re around for another 100 years,” he said.
Its restructuring program will include a focus on bettering its 18 stores in the Chicago area.
“We are determined to become better and stronger in Chicagoland by continuing to offer consumers the largest selection of stylish brands at the market’s best prices,” he said.
The other location closures will affect 83 employees in total.
Berman shared that the decision was not an easy one to make due to its staff and customers.
“As a family-run business with strong community ties, it’s not an easy decision to close stores and impact the people who work, shop and live in the affected communities,” he said.
The company also added that orders placed before February 2 at the eight affected stores will be fulfilled.
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Also Read: A Popular Clothing Retailer Now Begins An Unexpected Liquidation
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