A popular retailer now confirms more painful store closures as it decides to shutter another anchor store, sources confirm.
Walmart has confirmed the closure of an anchor location after two decades of service, pushing customers towards its competitors instead.
The retail giant explained in a release on Wednesday that it would be starting to axe more underperforming stores, saying at least 5,000 were not meeting expectations.
One location that didn’t meet the cut was the Walmart in Towson, Maryland, about eight miles north of downtown Baltimore, per The Daily Record.
Walmart noted in its release that the decision was difficult, but the Towson store, an anchor location at the Towson Place Shopping Center, would close for good on April 5.
It features a unique two-floor design and took over what was Montgomery Ward about 20 years ago in 2004.
The retailer currently shares the center with Ollie’s Bargain Outlet and Target, competitors that shoppers will now head for instead after the looming April closing date, reports The-Sun.
“That target is gonna be poppin now,” one person wrote in a thread about the closure on Facebook.
“Target did their renovations through the years, so they’re good. Plus Target is just different,” another wrote.
Employees at the Towson Walmart, estimated to be about 207, will be able to transfer to a different location and keep their positions.
Walmart said in Wednesday’s release the employees would have until June 14 to transfer — otherwise, they’d be given a severance package.
Alicia Anger, Walmart’s global communications director, also thanked the local community for their business over the past two decades in Towson.
“We are grateful to the customers who have given us the privilege of serving them at our store in Towson,” Anger noted in the release.
For more news and updates like this, opt-in for push notifications.
Also Read: A Massive Retailer Now Closes And Begins Liquidation Sale
Other Economy News Today
A popular clothing store makes an unexpected closure in California after 60 years in business, sources report.
Popular clothing chain The North Face is set to leave the city of its birth nearly 60 years after it first appeared, reports The-Sun.
The outdoor clothing chain emerged in San Francisco, California, in the 1960s but its last store in the city will leave later this month.
The North Face store in Union Square is set to join a mass of other retailers abandoning the area including Macy’s.
A spokesperson for the brand confirmed to SF Gate on Thursday that the store will shutter on March 31st.
“The North Face was born in San Francisco, and we have cherished the time spent here, building roots, and creating lasting memories,” a company representative said in a statement.
Following the closure in three weeks, the North Face will be left with just a handful of stores across the Bay Area.
“Despite the closure, The North Face will continue to operate and thrive in these remaining communities,” the company said.
“We remain dedicated to providing quality gear and fostering exploration for our community members.”
The announcement by Macy’s last month that its flagship store from 1929 would be axed as part of its plans to close 150 stores by 2026, “spelled doom for the downtown area”, says the outlet.
“As well as the iconic department store’s announcement, the former Westfield downtown shopping mall is only 25% full as retailers go elsewhere.”
Retailers Madewell, Adidas, J. Crew, Lucky Brand, Hollister, and Aldo are just some of the stores that have closed or have announced their imminent closures in the mall.
Most retailers in the area cite a lack of patrons and safety concerns for employees as the primary reasons for closing.
For more news and updates like this, opt-in for push notifications.
Also Read: Beloved Retailer With 850 Stores Will Now File Bankruptcy
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Also, thank you to all of our blog sponsors.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Scroll below to view my stock purchases this month!
You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.
Frank Nez’s Stock Portfolio
Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?
Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.
11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.
Recommended For You ✨
About The Author
Leave your thoughts below.
For more news and updates like this, opt-in for push notifications.