Massive Grocery Store Is Now Closing More Locations in California

A massive grocery store is now closing more locations in California after actively shuttering many of its establishments nationwide.

Over the past few years, retail giant Walmart has been actively closing locations, including several it deemed “underperforming.”

In 2022, the big-box retailer shuttered a handful of stores nationwide.

But in 2023, closures were more widespread, with Walmart shuttering almost two dozen locations.

For a while it felt like closures were slowing down, but they seem to be picking up again this year, reports BestLive.

Walmart has now announced the closure of three major stores in California.

One of the first Walmart’s to go in 2024 was the Walmart Neighborhood Market at 2121 Imperial Ave. in San Diego, which officially said goodbye on February 9, Best Life previously reported.

The store, which is located in the Logan Heights neighborhood of San Diego, is a big loss for shoppers, who said they were worried about where they’ll go when the store is gone.

Another Walmart in the San Diego area closed to the public on February 9, this one in El Cajon at 605 Fletcher Pkwy.

As with the Logan Heights store, customers were surprised and upset to hear the busy store was on the chopping block, while others said they were concerned about the loss of Walmart creating a food desert.

It was just announced that another Walmart will be closing in the coming weeks as well.

The company has confirmed plans for another closure in California—this time in West Covina, the Los Angeles-based news station KTLA reported on February 26.

And unlike the February closures, this store, which is located at 2753 E. Eastland Center Drive, is set to shutter next month, on March 29.

A Walmart spokesperson told the news outlet that the company went through a “thoughtful review process” before deciding to close the West Covina Walmart.

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Also Read: SNAP Benefits Will Now Increase For The Year 2024

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Market News Today - Massive Grocery Store Is Now Closing More Locations in California.
Market News Today – Massive Grocery Store Is Now Closing More Locations in California.

This massive restaurant is now closing 41 locations over the next quarter due to major underperformance, sources report.

Bloomin’ Brands will close 41 stores over the next quarter, reports Restaurant Dive.

These units include 36 “predominantly older, underperforming restaurants” and five Aussie Grill locations, including three in the U.S. and two in international markets, according to the company’s latest earnings release.

Bloomin’ decided to close the restaurants in question following a periodic review of assets that included consideration of trade area, historical performance and the investment required to renovate the units and strengthen their sales, CEO David Deno said on the company’s Q4 2023 earnings call.

The company will see “asset impairments and net closure charges of $32.3 million during Q4 2023.

We expect to complete these closures during Q1 2024 and incur charges of between $8 million and $11 million,” according Bloomin’s earnings release.

Deno said Bloomin’ would offer transfer opportunities to a large number of impacted employees and severance payments to those it cannot place.

The closures were not a reflection of the performance of individual employees, Deno said.

“A majority of these restaurants were older assets with leases from the 90s and early 2000s,” Deno told analysts.

Aussie Grill, the smallest of Bloomin’s brands, will be hardest hit by the closures.

According to the chain’s Q3 earnings release, the fast casual brand had 14 units at the start of Q4, with seven in the U.S. and seven in international markets.

The chain’s five closures represent a more than 35% drop in unit count for the brand.

Bloomin’ expects to open 40 to 45 new restaurants in 2024, in areas Deno described as “promising trade areas with great potential.”

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Also Read: A Famous Restaurant Chain Now Closes 4 Locations in Florida

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Market News Today - Massive Grocery Store Is Now Closing More Locations in California.
Market News Today – Massive Grocery Store Is Now Closing More Locations in California.

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