Tag: Retailer News (Page 3 of 8)

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.

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

Other Economy News Today

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

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), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.

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Frank Nez’s Stock Portfolio

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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.

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A home furniture retailer now files for unexpected bankruptcy as it moves forward with a plan to restructure its finances.

The RoomPlace revealed that it would make major changes including closing down six stores in one state following its bankruptcy filing.

This Bed Bath and Beyond rival, which opened in 1912, will shut down eight stores across the Midwest, reports The-Sun.

These will include a store in Peoria, Illinois; Kenosha; Wisconsin; and six in the Indianapolis area.

A date for the closures has not yet been announced by the company.

The RoomPlace’s CEO, Bruce Berman, was hopeful about the restructuring project and said it would allow to business to “align its costs with its projected sales and economic realities.”

“What was once viewed as taboo is now a strategic way to realign and strengthen a business,” he added.

Berman pointed out the difficult retail environment as sales decline, especially in the furniture industry.

“We’re making the tough decisions now to ensure we’re around for another 100 years,” he said.

Its restructuring program will include a focus on bettering its 18 stores in the Chicago area.

“We are determined to become better and stronger in Chicagoland by continuing to offer consumers the largest selection of stylish brands at the market’s best prices,” he said.

The other location closures will affect 83 employees in total.

Berman shared that the decision was not an easy one to make due to its staff and customers.

“As a family-run business with strong community ties, it’s not an easy decision to close stores and impact the people who work, shop and live in the affected communities,” he said.

The company also added that orders placed before February 2 at the eight affected stores will be fulfilled.

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

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

Other Economy News Today

A massive shoe retailer is now closing locations after store employees said the business was “priced out” after a rent increase.

The Journeys in the Arnot Mall will be closing on January 20 after the company announced plans to shutter 100 stores, reports The-Sun.

Select staff will be transferred to other Journeys locations.

The store is located in Horseheads, which is about two hours south of Syracuse.

The manager said the closure was disappointing and the employees are like family.

There is no closing sale because all the merchandise will be transferred to nearby locations.

This comes after Genesco, which owns the shoe store, announced it would close 100 stores and move away from malls.

In May, it was initially estimated that only 60 locations would close after net sales dipped 7% due largely to a 13% decrease at Journeys.

Genesco expects to save up to $40 million from the closures, reports Retail Dive.

Now the company plans to shift the store’s presence away from malls.

“We still have work to do, but we are so far encouraged by the early reads and believe this initiative will represent a key element in Journeys’ growth moving forward,” said Genesco CEO Mimi Vaughn during an earnings call.

The JCPenney in the Shenango Valley Mall also fought to stay open for years but is set to close in the next few months.

The two businesses had been in a legal dispute for years because the mall wanted to evict the retailer and renovate the property, which is located in Pennsylvania.

JCPenney sued the mall and the court eventually ruled in favor of Butterfli Holdings LLC, the owners of the mall.

It was the last anchor store in the mall after Macy’s and Sears closed in 2017.

The closure of retailer stores continues to be a developing story — for more news and updates like this, opt-in for push notifications.

Also Read: A US Company Now Declares An Unexpected Bankruptcy

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), Instagram, Facebook, 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.

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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

Other Economy News Today

A massive social media company now lays off 500 employees to “promote in-person collaboration,” sources report.

Social media company Snap said Monday that it will lay off 10% of its global workforce, or around 500 employees, in part to “promote in-person collaboration.”

The Snapchat maker’s shares fell nearly 3% in morning trading.

The company has executed multiple rounds of layoffs since 2022, most recently in November, when it trimmed a small number of product employees, reports CNBC.

Snap expects it will incur charges ranging from $55 million to $75 million, according to a regulatory filing.

The company’s last major round of cuts was in August 2022, when it laid off 20% of staff and restructured its business lines.

“We are reorganizing our team to reduce hierarchy and promote in-person collaboration.

We are focused on supporting our departing team members,” a Snap spokesperson told CNBC.

The social media platform is the latest tech company to continue cutting in 2024. Nearly 24,000 tech workers lost their jobs in January alone.

Already this month, cybersecurity and identity company Okta and Zoom have laid off staff.

Snap CEO Evan Spiegel testified before the Senate Judiciary Committee last week, one of several social media executives to face scrutiny over the damage their platforms caused young people.

Snap stock remains below its debut price and well off its 2021 high of around $83.

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

Also Read: Another Massive Bank is Now Laying Off 600 Employees

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), Instagram, Facebook, 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.

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A massive social media company now lays off 500 employees to “promote in-person collaboration,” sources report.

Social media company Snap said Monday that it will lay off 10% of its global workforce, or around 500 employees, in part to “promote in-person collaboration.”

The Snapchat maker’s shares fell nearly 3% in morning trading.

The company has executed multiple rounds of layoffs since 2022, most recently in November, when it trimmed a small number of product employees, reports CNBC.

Snap expects it will incur charges ranging from $55 million to $75 million, according to a regulatory filing.

The company’s last major round of cuts was in August 2022, when it laid off 20% of staff and restructured its business lines.

“We are reorganizing our team to reduce hierarchy and promote in-person collaboration.

We are focused on supporting our departing team members,” a Snap spokesperson told CNBC.

The social media platform is the latest tech company to continue cutting in 2024. Nearly 24,000 tech workers lost their jobs in January alone.

Already this month, cybersecurity and identity company Okta and Zoom have laid off staff.

Snap CEO Evan Spiegel testified before the Senate Judiciary Committee last week, one of several social media executives to face scrutiny over the damage their platforms caused young people.

Snap stock remains below its debut price and well off its 2021 high of around $83.

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

Also Read: Another Massive Bank is Now Laying Off 600 Employees

Other Economy News Today

A massive shoe retailer is now closing locations after store employees said the business was “priced out” after a rent increase.

The Journeys in the Arnot Mall will be closing on January 20 after the company announced plans to shutter 100 stores, reports The-Sun.

Select staff will be transferred to other Journeys locations.

The store is located in Horseheads, which is about two hours south of Syracuse.

The manager said the closure was disappointing and the employees are like family.

There is no closing sale because all the merchandise will be transferred to nearby locations.

This comes after Genesco, which owns the shoe store, announced it would close 100 stores and move away from malls.

In May, it was initially estimated that only 60 locations would close after net sales dipped 7% due largely to a 13% decrease at Journeys.

Genesco expects to save up to $40 million from the closures, reports Retail Dive.

Now the company plans to shift the store’s presence away from malls.

“We still have work to do, but we are so far encouraged by the early reads and believe this initiative will represent a key element in Journeys’ growth moving forward,” said Genesco CEO Mimi Vaughn during an earnings call.

The JCPenney in the Shenango Valley Mall also fought to stay open for years but is set to close in the next few months.

The two businesses had been in a legal dispute for years because the mall wanted to evict the retailer and renovate the property, which is located in Pennsylvania.

JCPenney sued the mall and the court eventually ruled in favor of Butterfli Holdings LLC, the owners of the mall.

It was the last anchor store in the mall after Macy’s and Sears closed in 2017.

The closure of retailer stores continues to be a developing story — for more news and updates like this, opt-in for push notifications.

Also Read: A US Company Now Declares An Unexpected Bankruptcy

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), Instagram, Facebook, 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.

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A grocery store with 900 locations now makes an unexpected closure despite a recent $26.5 million deal to make upgrades.

In just under two weeks, Save-A-Lot will be closing a grocery store in Richton Park, Illinois, a suburb of Chicago, reports The-Sun.

The Village of Richton Park announced the closure on Facebook, saying the grocer’s last day will be February 16.

“The store will have had a 17-year run in our town center,” Village President Rick Reinbold said in a statement shared to Facebook.

“Richton Park shoppers want a new specialty grocery store, so hopefully this vacancy becomes an opportunity for a new user our residents can be proud of.”

The Save-A-Lot store is owned by Ohio-based Yellow Banana, and is one of approximately 900 nationwide stretching across Colorado, Texas, Florida, Maine and more.

The grocer is extremely popular for its discounted selection of quality groceries and family meal planning items, reports The-Sun.

While the company reportedly began seeking to renovate multiple Chicago-based location, the Village said Yellow Banana declined the “propose any new investment or lease extension for the Richton Park store.”

The Richton Park location is approximately 15,000 square feet and is expected to be home to a new location, alongside a specialty vegan bakery and cafe.

“The Village of Richton Park is a warm, welcoming and diverse south suburban village where progress and forward thinking are plentiful,” the statement said.

“Richton Park prides itself in being a safe, tight-knit community with opportunity and promise for visitors, families, and businesses.”

Many shoppers have lamented the closure, taking to Facebook to express their dissatisfaction with the decision.

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

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

Other Economy News Today

A massive shoe retailer is now closing locations after store employees said the business was “priced out” after a rent increase.

The Journeys in the Arnot Mall will be closing on January 20 after the company announced plans to shutter 100 stores, reports The-Sun.

Select staff will be transferred to other Journeys locations.

The store is located in Horseheads, which is about two hours south of Syracuse.

The manager said the closure was disappointing and the employees are like family.

There is no closing sale because all the merchandise will be transferred to nearby locations.

This comes after Genesco, which owns the shoe store, announced it would close 100 stores and move away from malls.

In May, it was initially estimated that only 60 locations would close after net sales dipped 7% due largely to a 13% decrease at Journeys.

Genesco expects to save up to $40 million from the closures, reports Retail Dive.

Now the company plans to shift the store’s presence away from malls.

“We still have work to do, but we are so far encouraged by the early reads and believe this initiative will represent a key element in Journeys’ growth moving forward,” said Genesco CEO Mimi Vaughn during an earnings call.

The JCPenney in the Shenango Valley Mall also fought to stay open for years but is set to close in the next few months.

The two businesses had been in a legal dispute for years because the mall wanted to evict the retailer and renovate the property, which is located in Pennsylvania.

JCPenney sued the mall and the court eventually ruled in favor of Butterfli Holdings LLC, the owners of the mall.

It was the last anchor store in the mall after Macy’s and Sears closed in 2017.

The closure of retailer stores continues to be a developing story — for more news and updates like this, opt-in for push notifications.

Also Read: A US Company Now Declares An Unexpected Bankruptcy

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), Instagram, Facebook, 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.

---

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