Category: Finance News (Page 3 of 430)

This Massive Grocery Store Is Now Shutting Its Doors Soon

This massive grocery store is now shutting its doors soon at a historic location which has operated for over 60 years.

The Giant Food store on Langston Boulevard in Arlington, Virginia will permanently close on Thursday, February 29.

Giant Food has anchored the Lyon Village Shopping Center, at 3115 Langston Blvd. (formerly Lee Highway), for more than 60 years.

It is at the intersection of Langston Boulevard and Spout Run Parkway.

“In the normal course of evaluating our business and local trade areas, we determined that we can adequately serve this community through several other nearby Giant Food locations, as well as our online services, Giant Pickup and delivery,” Giant said in an emailed statement.

The nearest Giant Food store is on Washington Boulevard in Virginia Square, about a mile away.

Lyon Village Shopping Center’s other tenants include CVS Pharmacy, burger restaurant BGR, Starbucks, The Italian Store, and Big Wheel Bikes.

Giant said all employees at the Lyon Village store are being offered transfers to other Giant locations.

A spokesperson for the grocery store made the following statement:

“In our ongoing assessment of business dynamics and local trade areas, we’ve concluded that the needs of this community can be adequately met by several nearby Giant Food locations, as well as our online services, Giant Pickup, and delivery.

We want to express our sincere gratitude to the Arlington community for their support over the 60 years that Giant Food has been a part of this neighborhood, and we look forward to welcoming our shoppers at our other local Giant Food locations.

We appreciate the work our store associates have done to serve this community, and all associates from the store are being offered the opportunity to transfer to other Giant locations.

[Furthermore] We are committed to supporting our employees through this transition and ensuring that they have continued opportunities within our company.”

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Also Read: This Massive Restaurant Is Now Closing 41 Locations

Other Economy News Today

Market News Today - This Massive Grocery Store Is Now Shutting Its Doors Soon.
Market News Today – This Massive Grocery Store Is Now Shutting Its Doors Soon.

Another fast food franchise now declares an unexpected bankruptcy as a result of failing locations, sources report.

Rival chains including Restaurant Brands International’s (QSR) Burger King and Popeye’s have struggled to keep up, reports TheStreet.

Now, after Burger King saw multiple franchise owners file for Chapter 11 bankruptcy protection, another RBI brand operator has followed that path and filed for Chapter 11 bankruptcy protection.

“Popeye’s likely suffered worse than Burger King during the covid pandemic because some of its locations lacked drive-through lanes.

That meant that customers who wanted to pick up their orders had to enter the restaurant at a time when people were uncomfortable doing that,” the outlet reports.

RRG, Inc., which operates 17 Popeye’s locations based in Georgia, has filed for Chapter 11 bankruptcy protection with the United States Bankruptcy Court for the Southern District of Georgia.

The owners, Mark Rinna and Jane Rinna, said that the filing is because a few locations are dragging the rest down.

“Debtor is filing bankruptcy as a result of failing locations.

Debtor has approximately three Popeye’s restaurants that have significantly lost money and caused a financial burden on the continued operation of the remaining restaurants.

[Furthermore] Debtor has fallen behind on lease payments of remaining profitable restaurants and needs to cure those arrearages to avoid lease termination,” the company shared in its bankruptcy filing.

The owners say they plan to continue operating while in Chapter 11.

This is the second Popeye’s franchisee to file bankruptcy over the past 12 months as Premier Cajun Kings filed for Chapter 11 bankruptcy in March 2023 after its owner died.

The three-page RRG court filing does not contain any details about the size of its debt or the cost of its leases.

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Also Read: A US Company Now Declares An Unexpected Bankruptcy

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Market News Today - This Massive Grocery Store Is Now Shutting Its Doors Soon.
Market News Today – This Massive Grocery Store Is Now Shutting Its Doors Soon.

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A Big Appliance Company Now Files An Unexpected Bankruptcy

A big appliance company now files an unexpected bankruptcy after racking up a whopping $832 million in debt, sources report.

Appliance component manufacturer Robertshaw U.S. Holdings filed for Chapter 11 bankruptcy protection on Thursday, seeking to cut $670 million in debt and resolve litigation between its lenders, reports Reuters.

Robertshaw manufactures more than 10,000 sophisticated controls for commercial and home appliances, per its website.

Primary applications include controls for clothes washers and dryers, dishwashers, refrigerators, electric and gas cooking, ice makers, fluid dispensing, storage water heaters, gas valves for space/central heating, and automotive/off road temperature and fluid controls.

The company, owned by private equity firm One Rock Capital Partners, entered bankruptcy with a restructuring agreement supported by a majority of its lenders, according to documents filed in Houston, Texas bankruptcy court.

The company will also explore a bankruptcy sale as an alternative to its debt restructuring.

“Robertshaw may not be a household name, but its products appear in almost every household,” attorney George Klidonas said at a Thursday court hearing in Houston.

The company blames the pandemic for its struggles.

Robertshaw said it was unable to sustain its high debt level in the face of rising interest rates and lingering supply chain challenges that arose during the COVID-19 pandemic.

The Itasca, Illinois-based company said it has $832 million in debt.

In the last nine months of 2023, Robertshaw generated a gross profit of $58.8 million.

The company’s efforts to address its debt outside of bankruptcy spurred litigation between its lenders in 2023.

Robertshaw will seek to resolve that dispute in bankruptcy, either through mediation or litigation in bankruptcy court, according to court documents.

The company has lined up a $56 million bankruptcy loan funded by its majority lender group, according to court filings, and will seek bankruptcy court approval for that loan at a later date.

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Also Read: This Massive Restaurant Is Now Closing 41 Locations

Other Economy News Today

Market News Today - A Big Appliance Company Now Files An Unexpected Bankruptcy.
Market News Today – A Big Appliance Company Now Files An Unexpected Bankruptcy.

A bankrupt department store now has a massive liquidation sale up to 70% as it prepares to close its final location in New Jersey.

Sears is closing its final location in New Jersey on Sunday, March 3, reports The-Sun.

The iconic department store chain will soon have just 11 mainland US stores left, the outlet reports.

Situated in Jersey City’s Newport Mall, the closing location is the only Sears store serving New York City residents.

The closest remaining Sears for NYC shoppers will be 227 miles away in Braintree, Massachusetts.

Sears has served as the anchor store for Newport Mall since it opened in 1987.

Rumors have it that Primark, the Irish discount clothing and home store, could take its spot, as per CNN.

Sears announced the closure of its Newport mall store via Facebook.

In a post, it told shoppers that “everything” would be between 25% and 75% off.

Sears and K-Mart are both owned by Transformco.

They have been on a rapid decline since their peak in 2005, at which point they had a combined 3,500 stores.

Under the ownership of billionaire Eddie Lampert, sales have dramatically slowed as Sears has failed to keep up with competitors in the online space.

By 2018, Transformco filed for bankruptcy.

Although the retailer survived bankruptcy with 223 Sears stores in tact, all but 11 in the continental US and one in Puerto Rico have since closed.

Sears is not the only mall staple struggling to survive.

JCPenney is also holding liquidation sales at its anchor store at the Crystal Mall in Waterford, Connecticut.

Since filing for bankruptcy in 2021, it has closed a total of 175 locations.

However, the retailer has vowed to spend $1 billion remodeling its existing stores by the end of 2025 to stop shoppers from turning away.

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Also Read: A US Company Now Declares An Unexpected Bankruptcy

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Market News Today - A Big Appliance Company Now Files An Unexpected Bankruptcy.
Market News Today – A Big Appliance Company Now Files An Unexpected Bankruptcy.

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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!

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$300K Was Now Stolen From This Massive Bank

$300K was now stolen from this massive bank in Texas while its ATM was being serviced, leading to a high speed police chase.

Police have arrested several people suspected of a massive ATM heist after a police chase left multiple injured.

Cedar Hill Police Department officers in Texas announced the arrest of three suspects on Friday afternoon, just hours after the theft occurred, reports The-Sun.

Earlier on Friday, police had responded to a call for help from an ATM service worker who said a pair of masked assailants had robbed him of over $300,000, according to local Fox affiliate KDFW.

The shocking theft occurred at the Bank of America on West Belt Line Road near Highway 67 in Cedar Hill.

The caller said that the thieves ran off in a black SUV after taking the money — and that’s where the police found them.

Officers from the Duncanville Police Department spotted the car in an area neighborhood and attempted to stop it, leading to a high-speed car chase across town.

The suspects were able to escape momentarily and switch cars, stealing a second vehicle from a man trying to enter his car near Highway 67 and Cockrell Hill Road.

Police again picked up the chase, leading to at least two car accidents that disabled the SUV and forced the suspects to exit the car and try to escape from police on foot.

Two suspects who tried to run from police were quickly apprehended.

A third suspect was soon picked trying to hide out in a nearby backyard.

The car chase resulted in a bystander and two of the suspects sustaining injuries that needed treatment at a local hospital.

Cedar Hill police have yet to release the names of the suspects.

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Also Read: A Massive US Bank is Now Closing Credit Cards

Other Banking News Today

Market News Today - $300K Was Now Stolen From This Massive Bank.
Market News Today – $300K Was Now Stolen From This Massive Bank.

A bank customer now gets their money from account drained claiming she is more upset with the bank than with the actual situation.

A JPMorgan Chase customer who watched tens of thousands of dollars exit her account says she’s more upset with the bank than the scammers who made her a target, reports The Daily Hodl.

Kristal Kuhn in San Diego says she recently received a phone call from someone pretending to work at Chase’s fraud department, reports FOX News 5.

Out of an abundance of caution, Kristal says she asked her daughter to Google the caller’s phone number, and the results showed it belonged to Chase.

At that point, the caller claimed they flagged a $2,000 transaction and would be sending an access code to Kristal.

Soon after giving the access code to the caller, Kristal says she looked at her accounts and saw that the thieves were moving money around, attempting to transfer a huge sum in one go.

Kristal says she immediately called Chase to freeze the transaction but was told she needed to visit a local branch.

It took her about five minutes to get to a Carlsbad branch but no one was available to assist her.

Still on the phone with Chase, the lender said she could try again the next day because there was no one available to assist her, prompting her to rush to a Vista branch where she again received no help.

She abruptly left to visit a third branch in San Marco where her account was flagged, but the employees who called Chase’s back office struggled to freeze her account.

Eventually it was successfully frozen, after the thieves had already drained her account to the tune of $49,500.

“Had the accounts been frozen in the first five minutes when I asked for it to be frozen, we would not be – or even in the second bank, or even at the beginning of the third bank – we would not be in this situation, and now we’re out $49,000…

I am more angry with Chase Bank than I am with the scammers because of how much Chase Bank failed us as a customer.”

Kristal says she reached out to the FBI and filed a complaint with Chase but the lender refused to give her a refund, claiming that she approved the transaction.

US banking laws require lenders to reimburse victims for certain types of fraud, but not when customers are tricked into giving scammers access to their account.

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Also Read: A US Bank is Now Denying Customers Access to Money

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Market News Today - $300K Was Now Stolen From This Massive Bank.
Market News Today – $300K Was Now Stolen From This Massive Bank.

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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!

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11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



A Massive US Grocery Is Now Closing An Unexpected Location

A massive US grocery is now closing an unexpected location after shutting down 22 stores recently, the company confirms.

Low profitability has Walmart shutting down some stores, with one’s full closing date steadily approaching, reports The-Sun.

The Walmart located on South High Street in Columbus Ohio closed down on February 16.

But it’ll close its doors officially on March 4 when it bids farewell to the last open part of its store — the pharmacy.

This comes after locations in San Diego and El Cajon, California, which is located about 16 miles from San Diego, shut on February 9 as previously reported by The U.S. Sun.

While the retailer has suffered 22 closures in the past year, it’s now seen three stores shutter their doors in just weeks.

The closing of the Columbus, Ohio location was “not made lightly” according to a letter penned by Walmart to the Mayor of Columbus.

The retailer said the decision was made after a careful and thoughtful review process.

“While our underlying business is strong, this store hasn’t performed as well as we hoped, and we made the decision to not renew the lease,” the company wrote.

The announcement came days before the store’s closing and employees only found out about the news on February 2.

But, the store’s roughly 180 workers have months to search for jobs at other locations.

Employees have until May 3 to get a job at another Walmart and if they fail to do so, they’ll be terminated, reports The-Sun.

However, concerned shoppers should note that there are at least ten other Walmart stores in the Columbus area. 

Despite the closures, Walmart recently announced expansion plans.

The company is expected to open 150 new or expanded locations and renovate hundreds of others.

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

Also Read: This Massive Restaurant Is Now Closing 41 Locations

Other Economy News Today

Market News Today - A Massive US Grocery Is Now Closing An Unexpected Location.
Market News Today – A Massive US Grocery Is Now Closing An Unexpected Location.

A bankrupt department store now has a massive liquidation sale up to 70% as it prepares to close its final location in New Jersey.

Sears is closing its final location in New Jersey on Sunday, March 3, reports The-Sun.

The iconic department store chain will soon have just 11 mainland US stores left, the outlet reports.

Situated in Jersey City’s Newport Mall, the closing location is the only Sears store serving New York City residents.

The closest remaining Sears for NYC shoppers will be 227 miles away in Braintree, Massachusetts.

Sears has served as the anchor store for Newport Mall since it opened in 1987.

Rumors have it that Primark, the Irish discount clothing and home store, could take its spot, as per CNN.

Sears announced the closure of its Newport mall store via Facebook.

In a post, it told shoppers that “everything” would be between 25% and 75% off.

Sears and K-Mart are both owned by Transformco.

They have been on a rapid decline since their peak in 2005, at which point they had a combined 3,500 stores.

Under the ownership of billionaire Eddie Lampert, sales have dramatically slowed as Sears has failed to keep up with competitors in the online space.

By 2018, Transformco filed for bankruptcy.

Although the retailer survived bankruptcy with 223 Sears stores in tact, all but 11 in the continental US and one in Puerto Rico have since closed.

Sears is not the only mall staple struggling to survive.

JCPenney is also holding liquidation sales at its anchor store at the Crystal Mall in Waterford, Connecticut.

Since filing for bankruptcy in 2021, it has closed a total of 175 locations.

However, the retailer has vowed to spend $1 billion remodeling its existing stores by the end of 2025 to stop shoppers from turning away.

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

Also Read: A US Company Now Declares An Unexpected Bankruptcy

Market News Published Daily 📰

Market News Today - A Massive US Grocery Is Now Closing An Unexpected Location.
Market News Today – A Massive US Grocery Is Now Closing An Unexpected Location.

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)InstagramFacebook, 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.



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