Category: Retailer News (Page 1 of 13)

A Famous Shoe Company Now Plans To Shutter 400 Stores

A famous shoe company now plans to shutter 400 stores by the year 2026 as it rebrands part of its business, sources confirm.

Foot Locker has announced plans to close a total of 400 stores across North America by 2026 as part of a significant rebranding initiative.

The company revealed this strategy during its Investor Day presentation last March, emphasizing a shift away from underperforming locations, particularly those in shopping malls, in favor of enhancing its standalone stores with innovative concepts.

Mary Dillon, president and CEO of Foot Locker, stated, “As we enter 2023, our focus is on resetting the business by simplifying operations and investing in our core brands to position the company for growth in 2024 and beyond.”

A key component of this strategy is the “Lace Up” plan, which aims to engage consumers with a dedicated focus on sneakers.

“We are thrilled to launch our ‘Lace Up’ initiative, which includes new strategic objectives designed to ensure our success for the next 50 years,” Dillon added.

The company says it remains committed to expanding its presence despite the store closures.

Plans include opening 280 new locations that center on community engagement, as well as the company’s “power store” and “house of play” concepts.

Additionally, Foot Locker closed 125 Champ Sports stores last year and is refocusing the brand to appeal to more active sports and fitness consumers.

Overall, the company aims to reduce its real estate footprint by 10% by 2026, resulting in a total of 2,400 stores.

The company recently announced plans to close its stores and e-commerce operations in South Korea, Denmark, Norway, and Sweden by mid-2025.

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Also Read: A Struggling Gas Station Chain Now Files An Unexpected Bankruptcy

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Market News Today - A Famous Shoe Company Now Plans To Shutter 400 Stores.
Market News Today – A Famous Shoe Company Now Plans To Shutter 400 Stores.

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 - A Famous Shoe Company Now Plans To Shutter 400 Stores.
Market News Today – A Famous Shoe Company Now Plans To Shutter 400 Stores.

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A Massive Shoe Company Now Opens Two Stores in California

A massive shoe company now opens two stores in California to “elevate retail” and to “engage with the diverse communities”.

Adidas is strengthening its presence in Los Angeles by opening two flagship stores in recent weeks, showcasing its commitment to the local community.

The German athletic brand has launched new locations in West Hollywood and downtown Los Angeles, aiming to serve as both retail hubs and cultural centers that embody creativity, inclusion, and sustainability.

The West Hollywood store, opened in August, is situated at 8428 Melrose Avenue and spans 5,390 square feet.

It features a curated selection of sought-after collections, including Y-3, Stella McCartney, and Adidas Originals, along with performance products tailored to local tastes.

Designed by Adidas’ in-house creative team, the store boasts a sleek, minimalist aesthetic infused with the vibrant energy of Los Angeles.

Its layout includes two distinct areas and “The Lab,” which highlights the brand’s stories and collaborations.

In contrast, the downtown Los Angeles store, which opened on September 12, focuses on the Adidas Originals line and pays homage to the city’s heritage while incorporating modern design elements.

Located at 761 S. Broadway, this two-level store will serve as a community hub, hosting workshops, events, and collaborations with local artists.

The architectural revival beautifully merges historic elements with Adidas’ signature blue branding.

“Los Angeles is a center for culture and a global destination for sports, arts, and entertainment,” said John Miller, president of Adidas North America.

“The city inspires our brand to innovate and create products that resonate with the diverse lifestyles of our consumers.”

These new openings reinforce Adidas’ mission to elevate retail and connect with the diverse communities of Los Angeles.

As part of its long-term strategy, Adidas is developing a new creative division within Adidas Originals called “OG L.A.”

This initiative aims to nurture local talent and highlight contributions to the city’s unique sports and lifestyle culture.

Miller emphasized, “The new flagship stores reflect our deep commitment to the city and its dynamic communities, blending creativity, performance, and sustainability to offer products and experiences that resonate with the culture of Los Angeles.”

These developments align with Adidas’ broader strategy to enhance its U.S. business.

In a recent interview, CEO Bjørn Gulden stressed the importance of connecting with the men’s market and urban consumers, stating, “To be a successful business in America, we need to be ‘more American’ and tailor our approach to fit local markets.”

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Also Read: Michael Jordan’s Flu Game Sneaker Is Now On The Way

Other Footwear News Today

Market News Today - A Massive Shoe Company Now Opens Two Stores in California.
Market News Today – A Massive Shoe Company Now Opens Two Stores in California.

Michael Jordan’s Flu Game sneaker is now on the way according to sources who confirm the memorable footwear is back.

The anticipation surrounding upcoming Air Jordan releases continues to grow, with reports confirming the return of one of Michael Jordan’s most iconic sneakers—the Air Jordan 12 “Flu Game.”

This highly celebrated sneaker is expected to rerelease in spring 2025, adding to the storied history of the Air Jordan line.

The “Flu Game” is famed for its association with Game 5 of the 1997 NBA Finals, where the Chicago Bulls narrowly defeated the Utah Jazz 90-88, taking a 3-2 series lead.

Michael Jordan, battling flu-like symptoms, played a nearly full game despite his illness.

Speculations about food poisoning circulated, but that didn’t hinder his performance; he scored 38 points, including a crucial three-pointer in the final moments.

This legendary display is regarded as one of the greatest moments in NBA history, and the sneakers he wore during that game have similarly earned acclaim.

Originally released in 1997, the Air Jordan 12 “Flu Game” features a striking black-and-red tumbled leather upper.

It saw its first retro release in 2003, followed by a special version in 2009 that used black suede and included nods to Jordan’s memorable performance.

The sneaker’s last appearance in its original form was in 2016.

In addition to the “Flu Game,” other notable Air Jordan 12 releases are on the horizon, including the “Barons” and “Blueberry” styles, along with a return of the classic “Taxi” version in 2025.

According to sneaker insider @zsneakerheadz, the Air Jordan 12 Retro “Flu Game” will be available in full family sizing during its spring release.

While pricing has yet to be confirmed, the model currently retails for around $200, per FN.

Fans eagerly await the chance to add this iconic sneaker to their collections.

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Massive Retailer Now Wants To Hire 100K People For Holidays

A massive retailer now wants to hire 100K people for the holidays after teasing an assortment that’s 50% larger than last year.

With just 100 days until Christmas and Hanukkah, retail giant Target has announced its holiday hiring and merchandising plans, gearing up for the crucial retail season.

The retailer has maintained its commitment to seasonal hiring in recent years, recognizing the importance of this busy time.

Emily Hebert, Senior Vice President of Field and Operations Human Resources, stated, “The holiday season is a special time at Target, made brighter by our team.

Our team members are essential to delivering Target’s unique shopping experience, which is why we prioritize industry-leading pay, flexible scheduling, comprehensive benefits, and career development opportunities.”

Most of the seasonal positions will be in-store roles, including front-of-store attendants and fulfillment experts responsible for scanning, bagging items, stocking products, and supporting services like order pickup and drive-up, per Retail Dive.

Target plans to assess local demand and prioritize hiring at its nearly 2,000 stores and over 50 supply chain facilities.

Interested applicants can start applying for in-store seasonal jobs online on September 25, while recruitment for supply chain roles is already underway.

The holiday hiring rush is not limited to Target; other retailers like Spirit Halloween, Joann, Bath & Body Works, and Burlington have also announced their seasonal staffing plans.

Kohl’s is set to host a national hiring event on Thursday and Friday, while Macy’s plans a similar event on September 26.

In addition to hiring, Target has unveiled several merchandising initiatives for the holiday season.

The return of Target Circle Week will be accompanied by the “Deal of the Day” promotion, offering exclusive one-day-only deals for Target Circle members starting November 1 and continuing through the holiday period.

Moreover, Target is enhancing its shopping experience by introducing Bullseye Playground sections in nearly 200 stores and online.

These areas will feature Target-themed holiday gifts and branded items, including a giant plush of its beloved dog mascot, with most products priced under $25.

As the holiday season approaches, Target is poised to create a festive shopping environment for its customers while ensuring a robust workforce to meet the increased demand.

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Also Read: A Home Depot Rival Is Now Closing 100 Stores

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Macy’s Is Now Closing 55 Stores By The End of The Year

Macy’s is now closing 55 stores by the end of the year and a total of 150 within the next three years, sources are confirming.

Macy’s has announced plans to permanently close 55 stores by the end of 2024 as part of its ongoing efforts to revitalize its business.

This decision marks a shift from the retailer’s initial plan to close 50 underperforming locations, contributing to a total of 150 store closures over three years.

The specific locations of the soon-to-be-closed stores have yet to be revealed.

Many shoppers have expressed their preference for online shopping over visiting physical stores.

“Many people don’t want the hassle of driving to Macy’s or other stores to go shopping; they’d rather shop online,” said Pam Clinton, a resident of Apple Valley, California.

Despite this shift, some customers still enjoy the in-store shopping experience, particularly at Macy’s and Target.

Macy’s, like many retailers, has faced declining sales due to increased competition from online platforms and changing consumer habits that have led to a disinterest in suburban malls.

Statistics from Business Insider indicate that the number of malls in the U.S. has dropped significantly from around 2,500 in the 1980s to nearly 700 in 2022.

GlobalData Retail analyst Neil Saunders highlighted the challenges facing Macy’s, stating, “The biggest things that have gone wrong at Macy’s are the quality of the stores and the product assortment.

Over the years, customers have deserted it, sales have tumbled, and store productivity has gone down.”

California hosts the highest number of Macy’s locations, with 88 stores statewide and nearly 500 across the U.S.

Macy’s CEO Tony Spring noted during a recent earnings call that while the stores being closed are underperformers, they represent valuable real estate assets, and demand for these properties remains strong.

Macy’s continued its presence in the High Desert region with the opening of a store at the Mall of Victor Valley in March 2013, following the bankruptcy of Gottschalks, which had previously occupied the space.

Before this, local residents had to travel to San Bernardino or Rancho Cucamonga to shop at Macy’s.

As Macy’s navigates these closures, the company aims to adapt and thrive in an evolving retail landscape.

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Also Read: A Struggling Gas Station Chain Now Files An Unexpected Bankruptcy

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Market News Today - Macy's Is Now Closing 55 Stores By The End of The Year.
Market News Today – Macy’s Is Now Closing 55 Stores By The End of The Year.

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 - Macy's Is Now Closing 55 Stores By The End of The Year.
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Bud Light Rival Now Cuts ‘Woke’ Policies To Avoid Boycott

A Bud Light rival now cuts its ‘woke’ policies to avoid a boycott, a controversial trend in corporate America to save declining sales.

Molson Coors (TAP.A), a leading U.S. beer company, has decided to eliminate its diversity, equity, and inclusion (DEI) policies in response to pressure from conservative consumers.

An internal email, disclosed by conservative activist Robby Starbuck on X, revealed that the company will discontinue DEI training programs, stating that participation has been satisfactory.

Moving forward, Molson Coors will audit all future training to ensure alignment with “key business objectives.”

The company is also rebranding its “employee resource groups” to “business resource groups” to emphasize their focus on business goals, consumer dynamics, and career development.

Additionally, Molson Coors announced that its future charitable contributions will be directed solely toward “hometown communities” and its core business objectives.

The company will no longer engage with the Human Rights Campaign’s Corporate Equality Index, which monitors LGBTQ+ corporate policies and practices.

By next year, executive compensation will be tied to business performance rather than “aspirational representation goals,” and the company is discontinuing its diversity supplier metrics, citing their complexity and external influences.

The DEI section on Molson Coors’ website is no longer available.

Starbuck claimed on X that these changes followed his warning to company executives about his plans to expose their DEI policies.

Molson Coors joins other companies, such as Lowe’s, which recently scaled back its DEI initiatives after facing consumer criticism and declining sales.

In an internal email, Lowe’s stated that it began reviewing its diversity programs after the Supreme Court’s decision in the Harvard/UNC cases to ensure compliance and inclusivity for all employees.

Molson Coors’ decision follows a boycott that Bud Light experienced in April of last year after featuring Dylan Mulvaney, a transgender social media influencer, in a campaign promoting a $15,000 giveaway.

This move sparked backlash among conservative consumers who opposed Mulvaney’s advocacy for transgender rights.

As a result of the boycott, Bud Light lost its position as the top-selling beer brand in the U.S., leading to a significant decline in Anheuser-Busch’s U.S. earnings, which fell by hundreds of millions of dollars.

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

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Market News Today - Bud Light Rival Now Cuts 'Woke' Policies To Avoid Boycott.
Market News Today – Bud Light Rival Now Cuts ‘Woke’ Policies To Avoid Boycott.

A massive discount chain now prepares for bankruptcy following years of declining sales and economic challenges.

Big Lots has been facing significant challenges in recent quarters, with CEO Bruce Thorn noting that a struggling economy has negatively impacted customer sentiment and profits.

In the first quarter, the company experienced a 10.2% decline in sales, totaling $1.01 billion, and reported a loss of $132.3 million.

“While we made considerable progress in improving our operations during Q1, we fell short of our sales targets mainly due to a continued decrease in consumer spending among our core customers, especially on higher-priced discretionary items,” Thorn explained.

The retail chain intends to continue operating under bankruptcy protection and is looking for a stalking-horse bidder for a potential sale or auction, reports The Street.

With approximately 1,400 stores, Big Lots announced in July plans to close a total of 315 underperforming locations.

On August 12, the company indicated a possible impending bankruptcy filing, as its board approved one-time cash retention bonuses totaling $5.24 million for four top executives, a common strategy before filing for bankruptcy.

The bonuses included $3.15 million for CEO Bruce K. Thorn, $969,938 for Chief Financial and Administrative Officer Jonathan A. Ramsden, and $561,068 each for Chief Legal and Governance Officer Ronald A. Robins Jr. and Chief Human Relations Officer Michael A. Schlonsky.

On September 6, Big Lots postponed its second-quarter earnings release, rescheduling it for September 12.

Over the past year, the company’s stock price has plummeted by nearly 94%.

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

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