A grocery chain now makes an unexpected closure in New Jersey as the industry continues to face a multitude of challenges.
Kings Food Market, a subsidiary of Albertsons, is closing down a grocery store in Chatham, New Jersey, leaving just 18 remaining.
The location will close for good on September 1, officials told local outlet northjersey.com.
“Closing a store is always a tough decision,” said Albertsons Companies spokesperson Dana Ward.
“Our focus remains on growing our business, which sometimes involves reinvesting resources into existing stores and exploring potential new locations.”
A store associate told The U.S. Sun that selected items will be discontinued beginning next week.
Employees interested in remaining with the company will be offered positions at other stores, the spokesperson said.
Including Chatham, there are 16 Kings locations in New Jersey, and one each in Connecticut and New York.
Kings Food Markets previously filed for bankruptcy in 2020 but survived.
The chain is known for its high-quality produce but also high prices.
CEO of Albertsons Companies, Vivek Sankaran, said in April that several factors were putting strain on the grocery industry.
“We expect to face ongoing headwinds posed by investments in associate wages and benefits, cycling significant prior year food inflation, lower government assistance for our customers, declining COVID-related income, and the increasing mix of our pharmacy and digital businesses, which carry lower margins,” he said in a statement.
Albertsons took over Kings following its 2020 bankruptcy.
The grocery chain paid $96 million for the local company, which was founded and remains headquartered in New Jersey.
Since the takeover, a total of six stores have closed.
Both Kings and Albertsons maintain that the closure of the Chatham store has nothing to do with Albertsons’ plans to merge with Kroger.
Kroger and Albertsons first announced their plans to merge in 2022.
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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois
Other Economy News Today
An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.
TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.
This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.
The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.
Today, Fridays will welcome in famished diners at its location in Brick for the final time.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.
“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”
Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.
“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.
“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.
Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.
The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.
Also Read: Retirees Will Now Receive More Money For Social Security
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