Category: Banking News (Page 1 of 420)

A Florida Grocery Chain Now Announces An Unexpected Closure

A Florida grocery chain now announces an unexpected closure stating that they will miss being a part of the community.

The Fresh Market said in a press release that it would remain operational for a limited time after announcing the closure of two major locations.

A Senior Data Analyst for the Foundation for Government Accountability shared on X that inflation was the culprit behind the closure of the retailer.

“Out-of-control inflation is even affecting the higher-end grocery stores, and it’s not just Trader Joe’s feeling the heat,” Kristi Stahr (@KristiMStahr) wrote.

“Despite Fresh Market being in one of the fastest growing areas of the U.S., with new developments going up monthly, our neighborhood store is closing its doors.”

The post included a press release from the grocery store.

“To our valued guests,” the release began.

“We, at The Fresh Market, would like to thank you for your support and patronage,” the release continued.

“Unfortunately, we are in the process of closing our 3468 Lithia Pinecrest Rd. Valrico, FL store and will miss being a part of the community.”

“Our store will remain operational for a short period of time, and we ask that you continue shopping with us until our final closing date.”

The statement continues with the grocer telling its patrons that they “value the trust you’ve placed in us to deliver great tasting meals, signature products, and an unparalleled shopping experience.”

The Fresh Market implored shoppers to visit their other locations in Tampa and Lakewood Ranch “for all your shopping needs.”

Fresh Market announced on Thursday that they would also be closing their Birmingham location in Alabama.

For more store closure news and updates like this, opt-in for push notifications.

Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

Market News Today - A Florida Grocery Chain Now Announces An Unexpected Closure.
Market News Today – A Florida Grocery Chain Now Announces An Unexpected Closure.

A beloved grocery chain now confirms unexpected closures across the Northeast taking place by the end of the year.

Grocery chain Stop & Shop has announced that a total of 32 underperforming locations will shutter in the U.S.

The company said the select stores across the Northeast will be closed before the end of the year.

Stores in New Jersey, Massachusetts, New York, Connecticut, and Rhode Island will close by November 2.

In May, the company announced the coming store closures.

“Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” company president Gordon Reid said, per a July 12 press release.

The company’s president added that the closures were essential “to create a healthy base for the future growth of our brand.”

Fortunately, employees will be offered other positions within the company, according to a press release.

The grocery outlet first opened in 2014 and currently has around 400 stores and 60,000 employees, per Fox affiliate KRLD.

Stop & Shop is owned by Ahold Delhaize which also owns Food Lion, Giant Food, and Hannaford.

Which grocery stores are closing?

In New Jersey, 10 locations will close, while only seven will close in New York.

Rhode Island will see two closures and Massachusetts, the home of the first location, will be closing eight.

Five stores will also be closing in Connecticut.

As other chains such as Walmart and Amazon join the grocery business, it has pushed traditional grocery stores out of view, reports The-Sun.

Stop & Shop hopes the closure of underperforming stores will create “future growth” for the company.

Also Read: Retirees Will Now Receive More Money For Social Security

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Market News Today - A Florida Grocery Chain Now Announces An Unexpected Closure.
Market News Today – A Florida Grocery Chain Now Announces An Unexpected Closure.

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Massive Retailer Shuts Down And Now Files A Surprising Bankruptcy

A massive retailer shuts down and now files a surprising bankruptcy in favor of a new Chapter 7 liquidation filing.

The DVD rental company Redbox and 19 similar groups have now obtained a court order to convert its Chapter 11 bankruptcy to a Chapter 7 liquidation on July 10.

Redbox will now begin closing its DVD kiosks around the globe in its new liquidation filing.

Judge Thomas M. Horan of the U.S. Bankruptcy Court for the District of Delaware signed an order to convert Redbox parent Chicken Soup for the Soul Entertainment’s case.

This case requires the debtor to turn over all records and property of the company’s estate to a Chapter 7 trustee in order to facilitate a liquidation and winddown of the debtor.

The debtor listed $500 million to $1 billion in assets and liabilities in its original petition when it had first filed Chapter 11 bankruptcy on June 29.

Redbox operates a network of about 24,000 DVD rental kiosks across the U.S., according to declaration filed in its Chapter 11 case.

Chicken Soup for the Soul Entertainment started out with a huge debt as it assumed about $359.9 million indebtedness under a pre-petition secured facility when it first acquired Redbox in 2022.

It got worse for the company as they reported net losses of $111.2 million in 2022 and $636.6 million in 2023.

It was in a June 2024 Securities and Exchange Commission filing, that the debtor said it might need to file bankruptcy if it didn’t secure additional funding, reports The Street.

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Also Read: Another Mall Clothing Retailer Now At High Risk of Bankruptcy

Other Economy News Today

Market News Today - Massive Retailer Shuts Down And Now Files A Surprising Bankruptcy.
Market News Today – Massive Retailer Shuts Down And Now Files A Surprising Bankruptcy.

A massive rental company with 34k locations now shuts down its operations after filing for bankruptcy and 22 years in business.

Users of movie rental company Redbox were left saddened after it was announced that it would be shutting down operations.

The announcement comes after the rental company’s parent company, Chicken Soup for the Soul Entertainment, filed for Chapter 11 bankruptcy.

According to court documents obtained by the Washington Post, the Connecticut-based company claimed to be one billion dollars in debt.

As a result, Redbox, which was a staple of many grocery stores including Walgreens, and CVS will be shuttered.

Many fans took to social media to express how upset they were with the loss.

“I knew it was coming, sadly,” UltraVada wrote in a post on X, formerly Twitter.

“It was inevitable,” a second person mourned.

“I knew this would happen when I heard they filed for Bankruptcy but its still sad to hear. I have a lot of fun memories of Redbox,” a third person lamented.

“I still don’t think this will be or ever be the end of physical media as we do still get remasters of some movies in 4k/Bluray.”

One person revealed that they had forgotten the rental service had existed.

Some users were not surprised by the announcement.

“Not surprised since nobody really rents videos anymore with the rise of streaming and what not,” one user admitted.

“Also kinda remember getting into a feud with them on here.”

One user also pointed out that the last remaining Blockbuster, located in Bend, Oregon, managed to outlive Redbox.

Redbox was acquired by Chicken Soup for the Soul Entertainment (CSSE) in 2022 and became one of the company’s flagship video-on-demand streaming services.

At its peak, CSSE operated more than 20,000 DVD rental kiosks across the country.

The company’s filing means that the company’s more than 1,000 employees will be laid off, per The Wall Street Journal.

It was also reported by Deadline that many employees at CSSE hadn’t received their paychecks and had medical benefits cut in late June.

Also Read: This Massive Mall Retailer Is Now Closing In California

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Market News Today - Massive Retailer Shuts Down And Now Files A Surprising Bankruptcy.
Market News Today – Massive Retailer Shuts Down And Now Files A Surprising Bankruptcy.

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This Essential Retailer Now Announces 13 Painful Closures in Ohio

This essential retailer now announces 13 painful closures in Ohio after previously shuttering major locations nationwide.

As Rite Aid continues to battle its way through Chapter 11 bankruptcy, it is also closing more and more stores in Ohio, per CNBC affiliate WKYC Studios.

According to documents filed on July 12 with the U.S. Bankruptcy Court, a total of 30 additional stores will be closing down, including an additional 13 locations in Ohio.

Which Rite Aid stores are closing in Ohio?

Below is a list of Rite Aid stores scheduled to shutter in Ohio this year:

  • Canal Fulton – 2220 South Locust Street
  • Columbiana – 14973 South Avenue 
  • Dayton – 2916 Linden Avenue
  • Lima – 3710 Shawnee Road
  • Lima – 3230 West Elm Street
  • Maumee – 105 Golden Gate Plaza
  • Medina – 207 North Court Street
  • Mount Vernon – 4 Newark Road
  • Parma – 5795 State Road
  • Rossford – 801 Dixie Highway
  • Toledo – 210 Main Street
  • Vandalia – 10 W. National Road 
  • Zanesville – 825 Main Street

Rite Aid also announced the closing of 30 Ohio and Michigan stores on both July 5 and June 28.

Earlier in June, the pharmacy chain closed another 27 stores between the two states.

Also on June 28, a U.S. bankruptcy judge approved Rite Aid’s restructuring plan, allowing the pharmacy chain to cut $2 billion in debt and turn over control of the company to a group of its lenders.

NBC News reports that Rite Aid will emerge from bankruptcy with around 1,300 locations remaining.

An initial list of 154 Rite Aid locations to be closed was revealed last October, shortly after the pharmacy chain first filed for Chapter 11.

Six of the 154 closings were in Ohio, including locations in Massillon and Youngstown.

At the time, Rite Aid had more than 2,000 stores nationwide.

In November 2023, Rite Aid announced 32 more store closings, including Broadview Heights, Canton, East Liverpool, Fairlawn and Willoughby.

Rite Aid closed 55 more stores in late January, with 18 Ohio locations impacted.

In April, Rite Aid announced that five Ohio locations would be closing, including in Lakewood and Massillon (Wales Ave. store).

According to the company’s website, Rite Aid still lists 142 Ohio locations still open.

However, more than 100 stores in the Buckeye State are slated to close their doors at some point, according to the various bankruptcy filings since last year.

For more store closure news and updates like this, opt-in for push notifications.

Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

Market News Today - This Essential Retailer Now Announces 13 Painful Closures in Ohio.
Market News Today – This Essential Retailer Now Announces 13 Painful Closures in Ohio.

A beloved grocery chain now confirms unexpected closures across the Northeast taking place by the end of the year.

Grocery chain Stop & Shop has announced that a total of 32 underperforming locations will shutter in the U.S.

The company said the select stores across the Northeast will be closed before the end of the year.

Stores in New Jersey, Massachusetts, New York, Connecticut, and Rhode Island will close by November 2.

In May, the company announced the coming store closures.

“Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” company president Gordon Reid said, per a July 12 press release.

The company’s president added that the closures were essential “to create a healthy base for the future growth of our brand.”

Fortunately, employees will be offered other positions within the company, according to a press release.

The grocery outlet first opened in 2014 and currently has around 400 stores and 60,000 employees, per Fox affiliate KRLD.

Stop & Shop is owned by Ahold Delhaize which also owns Food Lion, Giant Food, and Hannaford.

Which grocery stores are closing?

In New Jersey, 10 locations will close, while only seven will close in New York.

Rhode Island will see two closures and Massachusetts, the home of the first location, will be closing eight.

Five stores will also be closing in Connecticut.

As other chains such as Walmart and Amazon join the grocery business, it has pushed traditional grocery stores out of view, reports The-Sun.

Stop & Shop hopes the closure of underperforming stores will create “future growth” for the company.

Also Read: Retirees Will Now Receive More Money For Social Security

Market News Published Daily 📰

Market News Today - This Essential Retailer Now Announces 13 Painful Closures in Ohio.
Market News Today – This Essential Retailer Now Announces 13 Painful Closures in Ohio.

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Also, thank you to all of our blog sponsors.

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Trump Now Picks Ohio Senator JD Vance As GOP Running Mate

Trump now picks Ohio senator JD Vance as his GOP running mate picking a onetime critic who became a loyal ally.

JD Vance is the first millennial to join a major-party ticket at a time of deep concern about the advanced age of America’s political leaders.

“After lengthy deliberation and thought, and considering the tremendous talents of many others, I have decided that the person best suited to assume the position of Vice President of the United States is Senator J.D. Vance of the Great State of Ohio,” Trump said in a post on his Truth Social network as the Republican National Convention got underway in Milwaukee.

The 39-year-old Vance rose to national fame with the 2016 publication of his memoir, “Hillbilly Elegy.”

He was elected to the Senate in 2022 and has become one of the staunchest champions of the former president’s “Make America Great Again” agenda, particularly on trade, foreign policy and immigration, per WFMZ.

But he is largely untested in national politics and is joining the Trump ticket at an extraordinary moment.

An attempted assassination of Trump at a rally Saturday has shaken the campaign, bringing new attention to the nation’s coarse political rhetoric and reinforcing the importance of those who are one heartbeat away from the presidency.

Vance himself faced criticism in the wake of the shooting for a post on X that suggested President Joe Biden was to blame for the violence.

“The central premise of the Biden campaign is that President Donald Trump is an authoritarian fascist who must be stopped at all costs,” Vance wrote.

“That rhetoric led directly to President Trump’s attempted assassination.”

Law enforcement has not yet specified a motivation for the shooting.

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Also Read: Biden Now Orders Review on How Gunman Got Close to Trump

Other Political News Today

Market News Today - Trump Now Picks Ohio Senator JD Vance As GOP Running Mate.
Market News Today – Trump Now Picks Ohio Senator JD Vance As GOP Running Mate.

Biden now orders a review on how the gunman got close to Trump after a Pennsylvania rally almost witnessed a presidential tragedy.

Donald Trump arrived on Sunday in Milwaukee, Wisconsin where he will be formally nominated as the Republican presidential candidate later this week after surviving an assassination attempt that has aggravated an already bitter U.S. political divide.

President Joe Biden, a Democrat, has now ordered a review of how a 20-year-old man with an AR-15-style rifle got close enough to shoot at Trump from a rooftop on Saturday, reports Reuters.

Trump, as a former president, has lifetime protection by the U.S. Secret Service.

Trump, 78, was holding a campaign rally in Butler, Pennsylvania – a key state in the Nov. 5 election – when shots rang out, hitting his right ear and leaving his face streaked with blood.

The crowd behind the former president was in shock, with supporters confused about whether to protect the candidate or not, per evidence from the video footage.

Wall Street Journal – Trump Shooting Footage.

His campaign said he was doing well.

“That reality is just setting in,” Trump told the Washington Examiner on Sunday.

“I rarely look away from the crowd. Had I not done that in that moment, well, we would not be talking today, would we?”

Sadly, one person in the crowd was killed and two others wounded before Secret Service agents fatally shot the suspect.

Both Trump and Biden on Sunday sought calm and unity.

Trump is due to accept his party’s formal nomination at the Republican National Convention with a speech on Thursday.

He pumped his fist in the air several times as he descended the stairs from his plane after arriving in Milwaukee.

“This is a chance to bring the whole country, even the whole world, together.

The speech will be a lot different, a lot different than it would’ve been two days ago,” Trump told the Washington Examiner.

Biden delivered a televised address from the Oval Office in the White House on Sunday.

“There is no place in America for this kind of violence, for any violence ever. Period. No exceptions.

We can’t allow this violence to be normalized,” he said.

“The political rhetoric in this country has gotten very heated.

It’s time to cool it down.”

Biden and Trump spoke to each other on Saturday night after the shooting.

First Lady Jill Biden also spoke with former First Lady Melania Trump on Sunday afternoon, said a White House official.

There are many speculations floating online about how the gunman was allowed to get so close to Trump.

What are your thoughts? Leave a comment below.

Also Read: Retirees Will Now Receive More Money For Social Security

Market News Published Daily 📰

Market News Today - Trump Now Picks Ohio Senator JD Vance As GOP Running Mate.
Market News Today – Trump Now Picks Ohio Senator JD Vance As GOP Running Mate.

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.

Our readers can now donate $3 per month to support independent journalism.

For daily news and updates on your favorite stories, opt-in for push notifications.

Follow Frank Nez on X (Twitter)Instagram, or Facebook.


Support Independent Journalism ✍🏻

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Your contributions help power Franknez.com as the cost of widgets and online tools continue to rise.

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