Outdoor Retailer With 186 Stores Now Begins Unexpected Closure

An outdoor retailer with 186 stores now begins an unexpected closure after a 20-year run in Portland’s Pearl District.

A REI store closed on Thursday, February 1 in Portland, Oregon after the decision was announced by the company in April 2023.

Plans for the closure were announced back in April when the store revealed it recorded the highest number of thefts and break-ins in its 20-year history at this location.

The retailer, which has had a presence in downtown Portland for over 20 years, said in a statement that increased crime was the primary reason for its closure.

“In recent years, Portland has been dealing with increased crime in our neighborhood and beyond,” the company began.

“Last year, REI Portland had its highest number of break-ins and thefts in two decades, despite actions to provide extra security.”

Though Mayor Ted Wheeler and the Portland Police Bureau tried to enhance security to convince REI to stay open, the store went forward with the move and closed its doors for good at 7 pm on February 1.

Fans of the gear and adventure store are not taking well to the news, with thousands of people taking to social media to mourn the loss of the store, reports The-Sun.

On a Facebook post by The Oregonian, one woman commented, “Another good company GONE! When will it end??”

“Kudos to the Mayor and other city leaders who refuse to see the problem! Get it together!” she added.

While several people expressed opinions over the city’s politics, others focused on the loss itself.

“Oh no! One of our favorite stores..so sad,” another shopper said.

“My favorite district…so sad,” posted another.

There are still three other REI stores open in the Portland metro area, including Tualatin, Hillsboro, and Clackamas.

For more news and updates like this, opt-in for push notifications.

Also Read: A Home Furniture Retailer Now Files For Unexpected Bankruptcy

Other Economy News Today

Market News Today - Outdoor Retailer With 186 Stores Now Begins Unexpected Closure.
Market News Today – Outdoor Retailer With 186 Stores Now Begins Unexpected Closure.

A massive beverage distributor now shutters in Texas and will lay off 109 employees starting in late February.

Jumbo Beverages, a subsidiary of Glazer’s Beer and Beverages, is permanently shuttering a warehouse in Grapevine, Texas, on Feb. 29, according to a WARN filing.

The closure will impact 109 employees, with a majority of the layoffs expected to occur on Feb. 29, while remaining employees will be separated on April 30, according to a notice emailed to Supply Chain Dive.

The letter didn’t state why the distributor is closing its warehouse.

Jumbo Beverages is a subsidiary of distributor Glazer’s Beer and Beverage, and represents 34 beverage companies, including Nesquik, San Pellegrino and Fiji Water, across 13 counties in North Texas, according to the company’s website.

While Jumbo Beverages may be closing its facility, other beverage distributors have been investing in their warehouse operations.

Southern Glazer’s Wine and Spirits, for instance, is planning to deploy AI technology and robotics warehouse automation in select distribution centers by 2025, reports Supply Chain Dive.

“The tech aims to improve order accuracy, fill rates and increase capacity.”

For more news and updates like this, opt-in for push notifications.

Also Read: A Popular Clothing Retailer Now Begins An Unexpected Liquidation

Market News Published Daily 📰

Market News Today - Outdoor Retailer With 186 Stores Now Begins Unexpected Closure.
Market News Today – Outdoor Retailer With 186 Stores Now Begins Unexpected Closure.

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)InstagramFacebook, 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.



2 Comments

  1. Frank Nez

    Leave your thoughts below.

  2. Frank Nez

    For more news and updates like this, opt-in for push notifications.

Leave a Reply

© 2024 Franknez.com

Theme by Anders NorenUp ↑