A massive grocery store is now closing in two more states after shuttering several other locations nationwide, sources confirm.
Walmart is reportedly set to shut down three more stores across California and Maryland.
The retailer has already shut down one location in Ohio and two in San Diego, California in 2024.
Another reported two in California and Ohio would bring the total to six stores shut so far this year, according to Business Insider.
The closures come after budget chain Dollar Tree announced it was set to shutter a whopping 1,000 stores after posting a quarterly loss on Wednesday.
The budget retailer was forced to pay a charge of over $1 billion as a result of the closure plans in the form of a goodwill impairment charge, reports The-Sun.
Dollar Tree announced in November that the retailer would be assessing the business and this may include the closures of failing stores to improve growth.
The company was charged $594.4 million for a portfolio optimization review followed by another $950 million charge for an asset impairment charge, and a $1.07 billion goodwill impairment charge.
The results of the company’s portfolio optimization review identified around 600 Family Dollar stores for closure in the first half of fiscal 2024 and an additional 370 stores as their leases expire.
Walmart lost a total of 102 stores between January and August last year, according to its investor website.
“22 supercenters, stores, and neighborhood markets” closed last year due to their poor financial performance, a spokesperson said.
Meanwhile, 79 small-formate stores were lost not “due to closure per se, but the sale of the Moosejaw and Bonobos brands,” Walmart added.
For more news and updates like this, opt-in for push notifications.
Also Read: Beloved Retailer With 850 Stores Will Now File Bankruptcy
Other Economy News Today
Another fashion chain now makes an unexpected closure after being rescued in 2021 and being able to save 2,000 jobs.
Peacocks, which once had more than 400 stores across the UK, closed another of its stores on March 16, reports The-Sun.
Peacocks collapsed into administration (bankruptcy) in 2020 and was forced to close just over 200 of its 400 stores.
However, the chain was rescued in April 2021 and was able to keep its remaining stores open, saving 2,000 jobs.
But now, the retailer has had to close more of its doors in a desperate bid to stay afloat.
The latest to bite the bullet is the Peacocks branch in Clarendon Square Mall in Hyde, which closed for good on Saturday, March 16.
According to Tameside Correspondent, the nearest branch is now Ashton-under-Lyne.
The Peacocks branch in Hyde actually had a closing down sale back in 2020, although it re-opened after Covid restrictions were lifted.
Now, it appears that the closure is permanent.
It’s not the only Peacocks store set to disappear from the high street in the coming weeks.
The retailer has announced it will close its store in Merthyr Tydfil high street in Wales on March 23.
The bargain fashion chain will be closing with a bang though, holding a mega 30 per cent off everything sale.
Meanwhile, the shop in Ashford’s County Square Shopping Centre in Kent will also close on March 23.
The unit has just reopened after “essential electrical works” forced it to remain closed for more than a week.
Elsewhere, Peacocks in Camborne, Cornwall, will close on April 3.
Plus, it is also shuttering its branch in Boscombe, Bournemouth, on April 6 in a blow for locals.
The retailer revealed news of the closure on its Facebook page which also showed a closing down sign-up in the branch window.
For more news and updates like this, opt-in for push notifications.
Also Read: A Massive Company Now Announces Unexpected Layoffs in Arkansas
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.