Economic Impact Archives

A round of painful store closures now hits New Jersey as another major grocery chain announces it is shuttering nearly a dozen stores.

Recent announcements regarding the closure of Stop & Shop locations in New Jersey have not caught shoppers by surprise.

Many had anticipated these shutdowns, although they now have a few weeks left to stock up on essentials.

In a press release from July, the supermarket chain revealed plans to close 32 stores nationwide by the end of 2024, with at least 10 of those in New Jersey.

Residents in the Garden State have until November 2 to shop at these stores before they permanently close.

However, some locations may shut down sooner; for instance, a Stop & Shop in Philipsburg closed last week after moving its closing date up to October 23, following an earlier change to September 9, according to TAPinto.

Managers at this store reported depleting food and merchandise supplies faster than expected, suggesting similar situations could arise at the remaining locations.

Community reactions vary, with some customers expressing sadness over the closures, while others show indifference or relief.

One shopper noted the challenges posed by nearby competitors like Target and Walmart, stating, “I’m surprised it lasted this long.”

Conversely, another customer commented, “Good riddance.”

Stop & Shop has confirmed that employees at the closing stores will have the option to transfer within the company.

Despite the closures, the chain will maintain 48 stores across New Jersey, as indicated on their website.

The remaining store shutdowns will affect locations in Connecticut, Massachusetts, New York, and Rhode Island.

With over 350 stores in five states, Massachusetts boasts the highest number at 124.

Gordon Reid, president of Stop & Shop, reassured customers that the company remains dedicated to serving the communities where they operate.

“Stop & Shop is proud of the deep roots and community ties we have developed as a neighborhood grocer of more than 100 years,” he stated, emphasizing the commitment to their associates and customers.

Reid also noted that the 32 closing stores were deemed “underperforming,” a decision aimed at creating a healthier foundation for future growth.

He acknowledged that the company is “not where we want to be.”

This wave of closures comes amid broader trends in retail, as other major retailers face their own challenges.

Big Lots has recently filed for Chapter 11 bankruptcy, leading to the planned shutdown of 315 stores across 35 states, while a Home Depot rival is set to close over 200 locations after filing for bankruptcy in August.

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Also Read: A Struggling Gas Station Chain Now Files An Unexpected Bankruptcy

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Market News Today - A Round of Painful Store Closures Now Hits New Jersey. — Market News Today – A Round of Painful Store Closures Now Hits New Jersey.

A massive rental company with 34k locations now shuts down its operations after filing for bankruptcy and 22 years in business.

Users of movie rental company Redbox were left saddened after it was announced that it would be shutting down operations.

The announcement comes after the rental company’s parent company, Chicken Soup for the Soul Entertainment, filed for Chapter 11 bankruptcy.

According to court documents obtained by the Washington Post, the Connecticut-based company claimed to be one billion dollars in debt.

As a result, Redbox, which was a staple of many grocery stores including Walgreens, and CVS will be shuttered.

Many fans took to social media to express how upset they were with the loss.

“I knew it was coming, sadly,” UltraVada wrote in a post on X, formerly Twitter.

“It was inevitable,” a second person mourned.

“I knew this would happen when I heard they filed for Bankruptcy but its still sad to hear. I have a lot of fun memories of Redbox,” a third person lamented.

“I still don’t think this will be or ever be the end of physical media as we do still get remasters of some movies in 4k/Bluray.”

One person revealed that they had forgotten the rental service had existed.

Some users were not surprised by the announcement.

“Not surprised since nobody really rents videos anymore with the rise of streaming and what not,” one user admitted.

“Also kinda remember getting into a feud with them on here.”

One user also pointed out that the last remaining Blockbuster, located in Bend, Oregon, managed to outlive Redbox.

Redbox was acquired by Chicken Soup for the Soul Entertainment (CSSE) in 2022 and became one of the company’s flagship video-on-demand streaming services.

At its peak, CSSE operated more than 20,000 DVD rental kiosks across the country.

The company’s filing means that the company’s more than 1,000 employees will be laid off, per The Wall Street Journal.

It was also reported by Deadline that many employees at CSSE hadn’t received their paychecks and had medical benefits cut in late June.

Also Read: This Massive Mall Retailer Is Now Closing In California

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Pakistan now discovers the world’s 4th largest oil and gas reserves in the countries territorial waters, several media report.

A significant deposit of petroleum and natural gas has been found in Pakistan’s territorial waters, potentially altering the country’s economic landscape, according to recent reports.

A three-year survey conducted in collaboration with an allied nation confirmed the presence of these substantial reserves, as stated by a senior security official recently.

The geographical survey has pinpointed the locations of the deposits, and relevant departments have briefed the government on the resources identified in Pakistani waters.

The official described this initiative as a step toward harnessing the “blue water economy,” indicating that proposals for bidding and exploration are currently under review, suggesting that exploration efforts could begin soon.

While the extraction process will take several years, the “blue water economy” holds promise beyond oil and gas, as it could also yield various valuable minerals and elements from the ocean.

The official emphasized that prompt action could significantly enhance the country’s economic prospects, with some estimates indicating that this discovery could represent the fourth-largest oil and gas reserves globally.

Currently, Venezuela leads in oil reserves with approximately 3.4 billion barrels, followed by the U.S. with the most untapped shale oil reserves, and Saudi Arabia, Iran, Canada, and Iraq rounding out the top five.

Former member of the Oil and Gas Regulatory Authority (Ogra), Muhammad Arif, cautioned that while optimism is warranted, there is no guarantee that the reserves will meet expectations.

He noted that the potential impact on the country’s energy needs will depend on the size and recovery rate of the reserves.

“If this is a gas reserve, it could replace LNG imports; if it’s oil, it could substitute imported oil,” he explained.

However, he warned that it is “wishful thinking” to assume success until thorough analyses and the drilling process commence.

Exploration alone is expected to require a substantial investment of around $5 billion, and it could take four to five years to extract reserves from offshore locations.

Should exploration yield positive results, additional investment will be necessary for drilling wells and establishing the infrastructure needed for extraction and fuel production.

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Also Read: Russia and China Now Plan To Respond Against USA Threats

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Market News Today - Pakistan Now Discovers The World's 4th Largest Oil And Gas Reserves. — Market News Today – Pakistan Now Discovers The World’s 4th Largest Oil And Gas Reserves.

Israeli and Iranian leaders have now exchanged warning threats, highlighting the deepening crisis between their nations.

Israeli Prime Minister and Iran’s President have exchanged threats — Benjamin Netanyahu vowed a firm response to any threats, while Masoud Pezeshkian pledged retaliation.

At a ceremony in Jerusalem, Israeli Prime Minister Benjamin Netanyahu addressed the nation with a resolute tone.

Amid a backdrop of rising regional tensions, Netanyahu declared, “Anyone who harms our country will be held accountable. Iran and its proxies seek to surround us with a stranglehold of terror on seven fronts.

Their visible aggression is insatiable, but Israel is not helpless.

We are determined to stand against them on every front, in every arena, far and near.

Anyone who murders our citizens, anyone who harms our country will be held accountable.

He will pay a very heavy price.”

Netanyahu’s comments come in the wake of nearly ten months of conflict in Gaza and the recent assassinations of a senior Hezbollah commander in Lebanon and Hamas’ top political leader in Iran.

The heightened hostilities have raised fears of further escalation and retaliation from Iran and its allies.

On his part, Iranian President Masoud Pezeshkian condemned the assassination of Hamas leader Ismail Haniyeh, calling it a violation of international law.

“The assassination of a guest of the Islamic Republic of Iran was an act that violated all international laws,” Pezeshkian said.

“It was a grave mistake by the Zionists.

The audacity will not go unanswered.”

According to media reports, Iranian officials told Arab diplomats that Tehran does not care if an attack on Israel triggers a regional war. But this can also be part of a psychological war both sides have launched.

Israel’s channel 12 said that Israel’s security establishment is considering the possibility of “preventive actions or attacks” it could initiate, “including in Lebanon or perhaps in other places as necessitated.”

Siamak Javadi, an economics professor and researcher at the University of Texas, told Iran International, “Aside from its military aspect, war is a full-scale economic project.

You can’t wage war with an empty pocket.”

Comparing gross domestic product, per capita national income, and inflation and unemployment rates in Iran and Israel, he added that the Islamic Republic is financially and economically incapable of engaging in a full-scale war with Israel.

Hossein Aghaei, a researcher in international relations and strategic affairs, also told Iran International, “The Islamic Republic is caught in the strategic trap or chain reaction game set by Israel.”

He added that the Iranian government finds itself in a “difficult and enigmatic” situation and has no choice but to provide a “direct and proportionate response” to Israel in order to restore its deterrent power.

Aghaei warned that if the Islamic Republic engages in “a high-risk game” and initiates a “comprehensive and multi-front” conflict against Israel, the region could be drawn into a major military confrontation.

Also Read: 15 Civilians Have Now Been Killed in Israeli Strike On Gaza School