More Target stores are now closing down this weekend in what seems to be an ongoing retail exodus.
A total of three Target stores will close on October 21st in the Portland, Oregon area.
“Downtown Portland’s Galleria location will close, as well as Northeast Portland’s Hollywood store and Southeast Portland’s Powell Boulevard location,” reports Ash Jurberg.
“The three stores will close due to ongoing theft and security issues leading to poor business performance of the stores.
Target had invested in more security staff, used third-party guard services, and implemented theft-deterrent tools, but unfortunately, these strategies didn’t work.”
According to reports, Target thefts could amount to a whopping $500 million in losses this year.
Once these Target stores close this weekend, Portland will only have 15 chains left.
The Target stores closing this weekend are:
- Galleria: 939 Southwest Morrison Street
- Powell: 3031 Southeast Powell Boulevard
- Hollywood: 4030 Northeast Halsey Street
“Before making, this decision, we invested heavily in strategies to prevent and stop theft and organized retail crime in our stores, such as adding more security team members, using third-party guard services, and implementing theft-deterrent tools across our business.
Despite our efforts, unfortunately, we continue to face fundamental challenges to operating these stores safely and successfully,” Target said in a statement.
“We know how important our stores are.
They create local jobs, they generate taxes, they’re very important for those local shoppers, and they play a critical role in communities across the country.
We’ll continue to do everything in our power to keep our doors open.
At the same time, we’ll be closely monitoring the safety of our team and guests as well as the financial impact to our business as we determine the right path forward at Target,” said Target CEO Brian Connell.
Other Economy News Today
A massive distributor for Walmart, Kroger, and other big grocery chains has now filed for Chapter 11 bankruptcy.
“Aside from Dole and Chiquita, the fruit industry does not have a lot of big brand names that consumers know.
Prima Wawona, which is based in California, supplies major grocery chains all around the country with stone fruits including peaches, plums, nectarines, and apricots,” reports TheStreet.
“It’s a major brand that does label its products with the “Wawona” name, but the company markets its products to its vendors, not to consumers.”
The company has filed Chapter 11 bankruptcy with plans to either sell the company to existing debtors or a third-party filing, per reports.
The company said in its bankruptcy filing that it plans to continue its regular shipments to all of its retail partners.
In the filing, the company said that it plans to transition ownership of the company and recapitalize the business.
“In connection with an agreement reached amongst the company’s lenders, Prima Wawona is proceeding with a transaction that will involve either the conversion of existing lender debt into equity ownership of the business or allow for a sale transaction to a third-party buyer via an expedited auction process,” the company shared.
The company’s lenders have agreed to allow it to fund its business during the transition period.
“In addition, Prima Wawona has said it intends to keep paying its vendors and suppliers under its normal terms.
If a third party emerges that will pay more than the value of the current debt, that company could end up owning the company. Any transaction will require the approval of the bankruptcy court,” says Daniel Kline.
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