Tag: Retailer News (Page 4 of 8)

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.

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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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A popular beer company now files an unexpected bankruptcy after disclosing that it had $2.3 million of debt and only $860,000 in revenue.

Guanella Pass continues to operate after its late-December Chapter 11 filing and the brewery has an upcoming big event scheduled for Feb. 17, reports TheStreet.

“At the foot of the Guanella Pass Scenic Byway in Historic Georgetown, CO, sits the original Brewery, and at the foot of Berthoud Pass in downtown Empire sits our second tap room and kitchen.

A true mountain brewery,” the company says.

“We believe that where you drink beer is as important as what beer you drink.

So leave the grind behind, sit for a bit, and share a story or two.

Because here, all you need is what you have and a good beer.”

The brewery also distributes its beers regionally at a number of locations in Colorado.

In its bankruptcy filing, Guanella Pass disclosed that it had $2.3 million of debt while bringing in only $860,000 of revenue in the previous year.

The company showed $72,000 in assets at the time of the filing.

The brewer, which hopes to restructure its debt and keep operating, has a significant number of creditors,

“It owes $573,000 to First Savings Bank, which loaned it money in 2021, and $256,000 to the Clear Creek Economic Development Corp., a nonprofit that loaned it money in 2019.

Both loans are collateralized by the property at 501 Rose St. in Georgetown,” the Denver Post reported.

The brewer also owes its majority shareholders, Steven and Stacey Skalski, $700,000.

In addition, the company has an unpaid $135,000 loan with the U.S, Small Business Administration and owes the Colorado Department of Revenue $100,000 along with $32,000 to its food vendor, $22,000 to its bookkeeper and $10,000 to its power company, the newspaper reported.

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 mall retailer now announces an unexpected liquidation sale up to 20% off at a major location outside Washington D.C., source report.

The Macy’s at the Ballston Quarter mall in Arlington, Virginia will shut its doors within weeks, reports The-Sun.

The announcement comes as the iconic retailer prepares to shut locations across the country.

However, the store did not confirm when it would be closing down, but is currently offering liquidation prices of up to 20% off.

Local outlet WTOP reports that the sale will run for “eight to 12 weeks.”

The store’s answering machine clarified that all sales will be final — no returns on the discounted items.

The location will stop receiving returns on previously purchased items on February 20.

Macy’s has struggled to keep its many locations afloat in recent years.

The company’s third-quarter sales were down 7% from the year before, WTOP reported.

Now, it’s closing five stores in the coming weeks.

On top of the Virginia location, two stores in California are shutting down in San Leandro and Simi Valley.

Tallahassee, Florida, and Lihue, Hawaii, are also losing their Macy’s stores.

On top of the five closures, the company has plans to lay off 13% of its corporate staff.

In total, the company will cut a whopping 2,350 jobs.

Macy’s shoppers in Virginia have a few other options to find another Macy’s.

A few miles east, near Pentagon City, Arlington hosts another location, reports The-Sun.

The location, an 11 mile drive from the old spot, is one of a few nearby.

There’s another Macy’s in McLean, and one in Washington DC.

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

Also Read: A Massive Shoe Retailer Is Now Closing Locations

Other Economy News Today

A retailer with 1,049 stores now makes an unexpected closure, shutting a major location in Stafford, Virginia, sources report.

Best Buy is closing a key location in Stafford, Virginia — the tech store first opened in 2008.

Luckily for shoppers, two other Best Buy locations are nearby in Fredericksburg and Woodbridge, reports The-Sun.

They are about 25 minutes and 21 minutes away from the Stafford store, respectively.

The U.S Sun reached out to the Best Buy location and no one answered after repeated tries.

The paper contacted nearby businesses who said the store looked “vacant.”

However, there are currently 31 other Best Buy locations throughout Virginia.

A Best Buy shopper recently made a TikTok criticizing the store’s extended return policy.

The TikToker (@nldoty) was shocked when he was told he only had two weeks to make a return.

“They’ve changed things in a way that I don’t understand how Best Buy thinks this is either both feasible or sustainable,” he told viewers.

“Remember how when you buy something you get a 30-day return window? It breaks, you don’t like it, etc. You can return it within 30 days and get your money back.

“Best Buy has shortened that to two weeks unless you signed up for their paid annual membership – I’m not making this up.”

He explained that if he paid $50 for a year of membership, he would have gotten $30 off of the purchase and an extended return window of 60 days without a receipt.

“Brick-and-mortar stores are now microtransacting the hell out of us,” he added.

Another added: “Retail is dying in front of us.”

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

Also Read: Supermarket With 200 Stores Is Now Closing For Good

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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Another retailer now begins an unexpected liquidation after initially filing for Chapter 11 bankruptcy, sources report.

When Ruby Gordon, a Rochester N.Y., furniture chain filed for Chapter 11 bankruptcy, it reported that it owed money to between 100 and 199 creditors.

At the time of the filing the company was confident that it could reach deals with its creditors and survive, reports TheStreet.

However, the company has now filed for Chapter 7 liquidation.

“We’ve been struggling to recover since 2020.

Unfortunately, in the last eight months, too much went sideways in too short an amount of time,” the company’s owner and chief executive, Aaron Ruby, told Furniture Today.

“We’re hoping that Chapter 11 gives us a chance at having a future; we’re just not certain exactly what that will look like.”

Ruby Gordon has been part of the upstate New York community for nearly 90 years.

“With a history dating back to 1936, we are committed to bringing the best designs and best customer service to our customers,” the company said on its website.

“We are a third generation, family-owned furniture store with a passion for making your space a home.”

Currently, “43 customers listed in the bankruptcy filing, all folks who paid for furniture they never got. Total owed to these folks? Around $5,480,000.23,” according to Rochester’s News10NBC.

While the Ruby Gordon website still operates, customers currently only have access to view their merchandise.

They can see what the retailer might have, but purchases have been halted pending an upcoming liquidation sale.

When you visit RubyGordon.com, there is a large banner headlined “Big Sale Coming Soon.”

It is then followed by “Watch Out for Our Chapter 11 Bankruptcy Liquidation sale.”

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

Also Read: A Massive Shoe Retailer Is Now Closing Locations

Other Economy News Today

A retailer with 1,049 stores now makes an unexpected closure, shutting a major location in Stafford, Virginia, sources report.

Best Buy is closing a key location in Stafford, Virginia — the tech store first opened in 2008.

Luckily for shoppers, two other Best Buy locations are nearby in Fredericksburg and Woodbridge, reports The-Sun.

They are about 25 minutes and 21 minutes away from the Stafford store, respectively.

The U.S Sun reached out to the Best Buy location and no one answered after repeated tries.

The paper contacted nearby businesses who said the store looked “vacant.”

However, there are currently 31 other Best Buy locations throughout Virginia.

A Best Buy shopper recently made a TikTok criticizing the store’s extended return policy.

The TikToker (@nldoty) was shocked when he was told he only had two weeks to make a return.

“They’ve changed things in a way that I don’t understand how Best Buy thinks this is either both feasible or sustainable,” he told viewers.

“Remember how when you buy something you get a 30-day return window? It breaks, you don’t like it, etc. You can return it within 30 days and get your money back.

“Best Buy has shortened that to two weeks unless you signed up for their paid annual membership – I’m not making this up.”

He explained that if he paid $50 for a year of membership, he would have gotten $30 off of the purchase and an extended return window of 60 days without a receipt.

“Brick-and-mortar stores are now microtransacting the hell out of us,” he added.

Another added: “Retail is dying in front of us.”

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

Also Read: Supermarket With 200 Stores Is Now Closing For Good

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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