Tag: JPMorgan (Page 2 of 337)

A Famous Sub Chain Is Now Closing in Washington

A famous sub chain is now closing in Washington, leading fans to believe several more locations will suffer the same fate.

Firehouse Subs has now closed one of its locations in Washington State’s Tri-Cities area.

The restaurant, located in West Richland, was approximately a two-hour drive from the city of Spokane.

A sign posted on the restaurant’s door expressed gratitude to customers and cited “unforeseen circumstances” as the reason for the establishment’s closure.

Although the official reason given was “unforeseen circumstances,” many locals believed the restaurant’s high prices were actually to blame for its downfall.

As one Facebook user commented on the post announcing the closure, the restaurant had been “overpriced and has been for a long time,” suggesting that its expensive menu items were a major factor in its demise.

Another commenter on the closure post stated that the Spokane location of the restaurant was “way overpriced,” and that it was actually cheaper to go to Jersey Mike’s instead.

A third customer also weighed in, saying that the restaurant had “priced itself out of the market.”

They acknowledged that it was unfortunate for the employees who lost their jobs, but reiterated that the food had simply been overpriced.

Residents of the Tri-Cities area expressed concerns that this closure could be a sign of more Firehouse Subs locations shutting down in the future.

The consensus among the local community seemed to be that the restaurant’s high prices had ultimately led to its demise.

“Rumors are that the other three locations in the Tri-Cities will be closing in the next couple weeks,” wrote the original poster in the Everything Tri-Cities Facebook page.

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

Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

Market News Today - A Famous Sub Chain Is Now Closing in Washington.
Market News Today – A Famous Sub Chain Is Now Closing in Washington.

A beloved grocery chain now confirms unexpected closures across the Northeast taking place by the end of the year.

Grocery chain Stop & Shop has announced that a total of 32 underperforming locations will shutter in the U.S.

The company said the select stores across the Northeast will be closed before the end of the year.

Stores in New Jersey, Massachusetts, New York, Connecticut, and Rhode Island will close by November 2.

In May, the company announced the coming store closures.

“Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” company president Gordon Reid said, per a July 12 press release.

The company’s president added that the closures were essential “to create a healthy base for the future growth of our brand.”

Fortunately, employees will be offered other positions within the company, according to a press release.

The grocery outlet first opened in 2014 and currently has around 400 stores and 60,000 employees, per Fox affiliate KRLD.

Stop & Shop is owned by Ahold Delhaize which also owns Food Lion, Giant Food, and Hannaford.

Which grocery stores are closing?

In New Jersey, 10 locations will close, while only seven will close in New York.

Rhode Island will see two closures and Massachusetts, the home of the first location, will be closing eight.

Five stores will also be closing in Connecticut.

As other chains such as Walmart and Amazon join the grocery business, it has pushed traditional grocery stores out of view, reports The-Sun.

Stop & Shop hopes the closure of underperforming stores will create “future growth” for the company.

Also Read: Retirees Will Now Receive More Money For Social Security

Market News Published Daily 📰

Market News Today - A Famous Sub Chain Is Now Closing in Washington.
Market News Today – A Famous Sub Chain Is Now Closing in Washington.

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A Massive Pizza Franchisee Now Files An Unexpected Bankruptcy

A massive pizza franchisee now files an unexpected bankruptcy after battling with its franchisor in a heated lawsuit, a filing confirms.

EYM Pizza, which has traded lawsuits with Pizza Hut over the franchisor’s efforts to terminate the stores over unpaid royalties, has now filed for Chapter 11 bankruptcy protection in the grand state of Texas.

EYM Pizza, which operates 140 locations in Indiana, Illinois, Georgia, Wisconsin and Texas, filed for Chapter 11 debt protection in a handful of filings in Texas on Monday.

That move was likely inevitable, after Pizza Hut sued EYM, seeking to terminate its franchise agreement over underperformance and not paying its royalties on time, per Restaurant Business.

EYM tried avoiding that fate with its own lawsuit accusing Pizza Hut of underperformance of its own, saying that the company has “no image or identity that sticks with patrons” and that it lost ground to rivals in recent years. A judge dismissed that lawsuit in April, however.

Eduardo Diaz, a former president of McDonald’s Mexico, started EYM Group 2008 and in 2015 started buying up Pizza Huts in several deals in various states. Diaz served on various committees for the brand over those years.

But by 2021, the company started looking for a buyer and had an $89 million offer that ultimately collapsed after the buyer lowered its proposed purchase price.

The franchisee then struggled with higher food costs and lower margins as well as new restaurant projects that were delayed due to COVID. The cost of those projects increased, too.

Pizza Hut in its lawsuit against EYM said that the franchisee’s sales underperformed the brand by 1,700 basis points between 2019 and 2023 and that more than 12% of its restaurants failed inspection between 2023 and 2024.

In 2022 the operator started falling behind on royalty payments.

EYM has tried and failed to find a buyer over the past couple of years but has accused Pizza Hut of trying to force the operator to accept a low price for some of its restaurants.

EYM as of March had bank debt of $23 million and over the years has spent $46.6 million to buy and renovate its Pizza Hut restaurants, per Restaurant Business.

The bankruptcy filing of EYM is the latest in a string of restaurant company bankruptcies including Red Lobster, Tijuana Flats, Rubio’s and the owner of Tender Greens.

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

Also Read: Another Mall Clothing Retailer Now At High Risk of Bankruptcy

Other Economy News Today

Market News Today - A Massive Pizza Franchisee Now Files An Unexpected Bankruptcy.
Market News Today – A Massive Pizza Franchisee Now Files An Unexpected Bankruptcy.

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

Market News Published Daily 📰

Market News Today - A Massive Pizza Franchisee Now Files An Unexpected Bankruptcy.
Market News Today – A Massive Pizza Franchisee Now Files An Unexpected Bankruptcy.

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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.

Our readers can now donate $3 per month to support independent journalism.

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A Tennessee Mall Restaurant Now Makes A Painful Closure

A Tennessee mall restaurant now makes a painful closure with diners blaming a decline in foot traffic to its location.

The Cheesecake Factory has officially closed one of its popular mall locations just weeks before closing another restaurant.

As a result, a total of 154 workers will lose their jobs with the restaurant’s closure.

The Cheesecake Factory at the Wolfchase Galleria shopping mall officially closed on July 14, a restaurant manager shared with local CBS affiliate WREG-TV.

“After extensive review and analysis, the company made the difficult decision to discontinue operation of our restaurant in Memphis. 

Our last day of service will be July 14, 2024,” the company shared in a statement.

“We have enjoyed being a part of the Memphis community over the last nine years and would like to thank our guests for their patronage.”

Fans of the American chain were disheartened by the news, sharing their grievances on Facebook.

“This is sad…. Memphis is just in shambles,” said Cheesecake Factory customer Kierria Jones.

She attributed the closure to the mall’s decline, comparing it to a “flea market.”

Other Memphis residents on Reddit commented on the state of the Wolfchase Galleria, which opened in 2015.

“It’s definitely been going downhill, but I think it will hold on to its last breath as a zombie for maybe another decade,” said one shopper.

Another local noted that the mall rented out the parking lot for truck parking, bounce houses, and different vendors as it “scrambled for ANY source of revenue.”

The manager of the Tennessee Cheesecake Factory did not offer details on why the restaurant was closing.

They did note, however, that employees were informed just weeks before it closed its doors for good.

The news came as a shock to the employees, especially considering that The Cheesecake Factory is currently in a growth phase with plans to open numerous restaurants this year.

In May, the chain announced it had opened five US locations in the first quarter of 2024.

The Cheesecake Factory also shared that it expects to open up to 22 new locations this year.

However, The Cheesecake Factory location at the mall in Chesterfield, Missouri – 25 miles from St. Louis – will shutter on August 18, per Fox 2.

The restaurant’s lease expires officially on August 31 but will close down beforehand in preparation for the mall’s demolition.

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

Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

Market News Today - A Tennessee Mall Restaurant Now Makes A Painful Closure.
Market News Today – A Tennessee Mall Restaurant Now Makes A Painful Closure.

A beloved grocery chain now confirms unexpected closures across the Northeast taking place by the end of the year.

Grocery chain Stop & Shop has announced that a total of 32 underperforming locations will shutter in the U.S.

The company said the select stores across the Northeast will be closed before the end of the year.

Stores in New Jersey, Massachusetts, New York, Connecticut, and Rhode Island will close by November 2.

In May, the company announced the coming store closures.

“Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” company president Gordon Reid said, per a July 12 press release.

The company’s president added that the closures were essential “to create a healthy base for the future growth of our brand.”

Fortunately, employees will be offered other positions within the company, according to a press release.

The grocery outlet first opened in 2014 and currently has around 400 stores and 60,000 employees, per Fox affiliate KRLD.

Stop & Shop is owned by Ahold Delhaize which also owns Food Lion, Giant Food, and Hannaford.

Which grocery stores are closing?

In New Jersey, 10 locations will close, while only seven will close in New York.

Rhode Island will see two closures and Massachusetts, the home of the first location, will be closing eight.

Five stores will also be closing in Connecticut.

As other chains such as Walmart and Amazon join the grocery business, it has pushed traditional grocery stores out of view, reports The-Sun.

Stop & Shop hopes the closure of underperforming stores will create “future growth” for the company.

Also Read: Retirees Will Now Receive More Money For Social Security

Market News Published Daily 📰

Market News Today - A Tennessee Mall Restaurant Now Makes A Painful Closure.
Market News Today – A Tennessee Mall Restaurant Now Makes A Painful 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.

Our readers can now donate $3 per month to support independent journalism.

For daily news and updates on your favorite stories, opt-in for push notifications.

Follow Frank Nez on X (Twitter)Instagram, or Facebook.


Support Independent Journalism ✍🏻

Support independent journalism for just $3 per month!

Your contributions help power Franknez.com as the cost of widgets and online tools continue to rise.

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A Surprising Home Furniture Retailer Is Now Closing 100 Stores

A surprising home furniture retailer is now closing 100 stores in the coming weeks as a part of a larger plan to mitigate its losses.

Conn’s Furniture Plus, a Texas-based discount furniture chain, which sells everything from mattresses to refrigerators, is planning to close about 100 stores in the coming weeks

The company has reported three years of consecutive fiscal losses and has been particularly struggling since its acquisition of Badcock Home Furniture & More in late 2023.

The retailer is also reportedly considering filing for Chapter 11 bankruptcy, according to sources familiar with the matter.

It may file within the next several weeks, depending in part on how liquidation goes, which could see over 40% of Conn’s locations shutter permanently, per TheStreet.

Conn’s Furniture Plus currently operates around 85 stores in Texas and a total of 550 throughout the United States, with most locations clustered around the south.

The following states have at least one Conn’s location: 

  • Texas
  • Alabama
  • Arizona
  • Colorado
  • Florida
  • Georgia
  • Louisiana
  • Mississippi
  • Nevada
  • New Mexico
  • North Carolina
  • Oklahoma
  • South Carolina
  • Tennessee
  • Virginia

The company’s plans are not yet finalized and has not officially said whether it will proceed with a Chapter 7 liquidation.

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

Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

Market News Today - A Surprising Home Furniture Retailer Is Now Closing 100 Stores.
Market News Today – A Surprising Home Furniture Retailer Is Now Closing 100 Stores.

A beloved grocery chain now confirms unexpected closures across the Northeast taking place by the end of the year.

Grocery chain Stop & Shop has announced that a total of 32 underperforming locations will shutter in the U.S.

The company said the select stores across the Northeast will be closed before the end of the year.

Stores in New Jersey, Massachusetts, New York, Connecticut, and Rhode Island will close by November 2.

In May, the company announced the coming store closures.

“Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” company president Gordon Reid said, per a July 12 press release.

The company’s president added that the closures were essential “to create a healthy base for the future growth of our brand.”

Fortunately, employees will be offered other positions within the company, according to a press release.

The grocery outlet first opened in 2014 and currently has around 400 stores and 60,000 employees, per Fox affiliate KRLD.

Stop & Shop is owned by Ahold Delhaize which also owns Food Lion, Giant Food, and Hannaford.

Which grocery stores are closing?

In New Jersey, 10 locations will close, while only seven will close in New York.

Rhode Island will see two closures and Massachusetts, the home of the first location, will be closing eight.

Five stores will also be closing in Connecticut.

As other chains such as Walmart and Amazon join the grocery business, it has pushed traditional grocery stores out of view, reports The-Sun.

Stop & Shop hopes the closure of underperforming stores will create “future growth” for the company.

Also Read: Retirees Will Now Receive More Money For Social Security

Market News Published Daily 📰

Market News Today - A Surprising Home Furniture Retailer Is Now Closing 100 Stores.
Market News Today – A Surprising Home Furniture Retailer Is Now Closing 100 Stores.

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.

Our readers can now donate $3 per month to support independent journalism.

For daily news and updates on your favorite stories, opt-in for push notifications.

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Support Independent Journalism ✍🏻

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Your contributions help power Franknez.com as the cost of widgets and online tools continue to rise.

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A Popular Retail Chain Now Makes Painful Closures in Maryland

A popular retail chain now makes painful closures in Maryland after the company announced that it would shutter up to 40 locations.

Big Lots is closing three Maryland stores, including one in Baltimore County.

The store in Reisterstown, at the Reisterstown Shopping Center near Cherry Hill Road, will close soon, according to the company’s website.

Other Baltimore-area Big Lots stores are not affected, according to the site.

A store in Laurel and a store in southern Maryland are also closing.

Big Lots said earlier this month it may have to close up to 40 locations nationwide by the end of the year, blaming declining sales.

Which Big Lots stores are closing in Maryland?

Below is a list of the three Big Lots stores closing in Maryland soon:

  • 3331 Corridor Marketplace, Laurel
  • 21800 N Shangri La Dr. Unit 20, Lexington Park
  • 11989 Reisterstown Rd, Reisterstown

The company has offered shoppers at its locations up to 20% off to help soften the landing.

However, the news has of course upset loyal customers.

“This sucks,” lamented one woman on Facebook.

“This is sad,” agreed another.

“I’m disappointed by this. I find great stuff there, especially seasonal and the staff is friendly and helpful,” said one shopper.

“I was at the store yesterday. Not everything is 20% off,” pointed out another.

“Food isn’t on sale. Many things are only 5 and 10% off. Sad to see Big Lots go.”

Their shutdown comes days after Big Lots admitted that 40 stores face the chop by the end of 2024.

These include several in Connecticut: Pleasant Valley Road in Manchester; Turnpike Square in Milford; and Boston Post Road in Waterford, reported NBC.

The broadcaster said a default on the retailer’s 2022 loan would raise “substantial doubt” about its ability to stay afloat.

The retailer blamed the branches’ pending closure on plummeting sales.

Its recent regulatory filing with the U.S. Securities and Exchange Commission contained more details.

In it, Big Lots alluded to “244 underperforming store locations” during the first quarter of 2024.

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

Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

Market News Today - A Popular Retail Chain Now Makes Painful Closures in Maryland.
Market News Today – A Popular Retail Chain Now Makes Painful Closures in Maryland.

A beloved grocery chain now confirms unexpected closures across the Northeast taking place by the end of the year.

Grocery chain Stop & Shop has announced that a total of 32 underperforming locations will shutter in the U.S.

The company said the select stores across the Northeast will be closed before the end of the year.

Stores in New Jersey, Massachusetts, New York, Connecticut, and Rhode Island will close by November 2.

In May, the company announced the coming store closures.

“Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” company president Gordon Reid said, per a July 12 press release.

The company’s president added that the closures were essential “to create a healthy base for the future growth of our brand.”

Fortunately, employees will be offered other positions within the company, according to a press release.

The grocery outlet first opened in 2014 and currently has around 400 stores and 60,000 employees, per Fox affiliate KRLD.

Stop & Shop is owned by Ahold Delhaize which also owns Food Lion, Giant Food, and Hannaford.

Which grocery stores are closing?

In New Jersey, 10 locations will close, while only seven will close in New York.

Rhode Island will see two closures and Massachusetts, the home of the first location, will be closing eight.

Five stores will also be closing in Connecticut.

As other chains such as Walmart and Amazon join the grocery business, it has pushed traditional grocery stores out of view, reports The-Sun.

Stop & Shop hopes the closure of underperforming stores will create “future growth” for the company.

Also Read: Retirees Will Now Receive More Money For Social Security

Market News Published Daily 📰

Market News Today - A Popular Retail Chain Now Makes Painful Closures in Maryland.
Market News Today – A Popular Retail Chain Now Makes Painful Closures in Maryland.

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.

Our readers can now donate $3 per month to support independent journalism.

For daily news and updates on your favorite stories, opt-in for push notifications.

Follow Frank Nez on X (Twitter)Instagram, or Facebook.


Support Independent Journalism ✍🏻

Support independent journalism for just $3 per month!

Your contributions help power Franknez.com as the cost of widgets and online tools continue to rise.

Thank you for your support!



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