Tag: Store Closures (Page 1 of 2)

Beloved Grocery Chain Now Makes A Painful Closure in Illinois

September 30, 2024 / Frank Nez / 2 Comments

A beloved grocery chain now makes a painful closure in Illinois after shoppers spotted employees clearing out shelves.

ALDI is preparing to close one of its well-known stores in Chicago within days.

The retail chain confirmed that the location at 1836 N. Clybourn Ave. will shut down on October 13, following reports from shoppers who noticed employees clearing the shelves.

Despite this closure, other nearby ALDI stores on Clybourn Avenue, Milwaukee Avenue, and Division Street will remain open and continue to serve customers with curbside pickup and grocery delivery options through Instacart and DoorDash.

An ALDI spokesperson reassured that the company will keep providing quality products at competitive prices across its more than 30 locations in Chicago.

They added that all impacted employees have been offered transfers to other stores, ensuring that no jobs will be lost.

One long-time shopper expressed concern after noticing the store clearing out shelves, asking a cashier if the location was in trouble.

The cashier laughed and assured them it was just a remodeling effort.

Another customer shared their disappointment on Facebook, commenting on the closure.

Meanwhile, ALDI shoppers are eagerly purchasing Halloween decorations, like the affordable $9.99 LED ghost decor item, perfect for seasonal displays.

This ghost, part of the Huntington Home collection, lights up with a spooky glow and is compact enough for counters or mantles.

Shoppers are advised to act quickly to secure this ghost light, as it’s not currently listed on ALDI’s website, indicating limited stock.

Some may have better luck finding a similar pumpkin design that also lights up.

ALDI isn’t the only store seeing a rush for budget-friendly decorations this year.

Dollar Tree has introduced various low-cost alternatives to pricier items found at retailers like Pottery Barn and Michaels.

For instance, their carvable pumpkins are significantly cheaper, and popular decorations like hanging bats and skeleton garlands are selling out rapidly at impressive discounts compared to competitors.

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

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A Famous Shoe Company Now Plans To Shutter 400 Stores

September 24, 2024 / Frank Nez / 2 Comments

A famous shoe company now plans to shutter 400 stores by the year 2026 as it rebrands part of its business, sources confirm.

Foot Locker has announced plans to close a total of 400 stores across North America by 2026 as part of a significant rebranding initiative.

The company revealed this strategy during its Investor Day presentation last March, emphasizing a shift away from underperforming locations, particularly those in shopping malls, in favor of enhancing its standalone stores with innovative concepts.

Mary Dillon, president and CEO of Foot Locker, stated, “As we enter 2023, our focus is on resetting the business by simplifying operations and investing in our core brands to position the company for growth in 2024 and beyond.”

A key component of this strategy is the “Lace Up” plan, which aims to engage consumers with a dedicated focus on sneakers.

“We are thrilled to launch our ‘Lace Up’ initiative, which includes new strategic objectives designed to ensure our success for the next 50 years,” Dillon added.

The company says it remains committed to expanding its presence despite the store closures.

Plans include opening 280 new locations that center on community engagement, as well as the company’s “power store” and “house of play” concepts.

Additionally, Foot Locker closed 125 Champ Sports stores last year and is refocusing the brand to appeal to more active sports and fitness consumers.

Overall, the company aims to reduce its real estate footprint by 10% by 2026, resulting in a total of 2,400 stores.

The company recently announced plans to close its stores and e-commerce operations in South Korea, Denmark, Norway, and Sweden by mid-2025.

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

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Market News Today - A Famous Shoe Company Now Plans To Shutter 400 Stores. — Market News Today – A Famous Shoe Company Now Plans To Shutter 400 Stores.

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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Best Buy Now Announces More Painful Store Closures Coming

September 19, 2024 / Frank Nez / 2 Comments

Best Buy now announces more painful stores closures coming soon after it already shuttered dozens of locations this year.

Best Buy has announced the closure of another location, following a series of shutdowns last year, with additional closures anticipated in 2025.

The consumer electronics retailer confirmed that it closed 24 stores in 2023 and indicated that 10 to 15 more locations will likely shut down in 2024, with a similar number expected in 2025.

This means that over 25 stores could potentially close by the end of 2025.

CEO Corie Barry noted that the company is working to balance its workforce with shifting consumer interests.

CFO Matthew Bilunas added that Best Buy would continue to evaluate its traditional store locations as leases come up for renewal.

The closures are attributed to several factors, including changes in consumer spending habits, inflation, and lingering supply chain issues from the COVID-19 pandemic.

Recently closed locations include stores in California, Colorado, Ohio, Minnesota, Missouri, and Virginia, with a new closure in Gaithersburg, Maryland, set for October 26.

The Gaithersburg store, which opened in the 1990s, is one of approximately 100 locations that have shut down in the past five years.

Best Buy currently operates 1,053 stores, according to its website.

Financial performance has also been a concern, with Best Buy reporting a revenue drop from $9.6 billion to $9.3 billion in the second quarter compared to the same period in 2023.

The company experienced an overall revenue decline of 6% last year.

Barry emphasized that Best Buy is adapting to new consumer behaviors, including a focus on value during sales and willingness to invest in higher-priced technology when necessary.

Despite the challenges, she expressed confidence in the company’s future, stating that there are no indicators suggesting a significant shift in customer behavior.

In addition to store closures in the U.S., Best Buy is expanding in Canada, partnering with Bell Canada to open 167 Express stores by the end of the year.

These smaller locations will feature a curated selection of technology products and will offer in-store pickup for online orders, along with Geek Squad services.

As Best Buy navigates these changes, it continues to face scrutiny over its return policy, with some customers finding ways to circumvent perceived restrictions, while others are eager to snag deals on items like a $149 4K TV before promotions expire.

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

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Market News Today - Best Buy Now Announces More Painful Store Closures Coming. — Market News Today – Best Buy Now Announces More Painful Store Closures Coming.

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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Also, thank you to all of our site 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.

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An Unexpected Restaurant Chain Now Closes All Locations

September 18, 2024 / Frank Nez / 2 Comments

An unexpected restaurant chain now closes all locations after only two years in business when a famous comedian opened its doors.

Hart House, the vegan fast-food chain founded by comedian Kevin Hart, has officially closed all its locations just two years after opening.

The four Southern California restaurants shut their doors for the last time on Tuesday, as confirmed by CEO Andy Hooper in a statement to Eater LA.

Hooper expressed gratitude for the support received, stating, “The response to the product has been incredible, and we thank our committed team, our customers, and our community partners for helping make the change we all craved.”

The chain also shared a farewell message on its Instagram, featuring the words “thank you” over an image of a vegan chicken burger, and stating, “A Hartfelt goodbye for now as we start a new chapter.”

When Hart House launched in August 2022, it aimed to promote a vegan lifestyle, inspired by Hart’s own shift to a mostly plant-based diet in 2020.

The fast-food brand offered a variety of items, including chicken sandwiches, nuggets, and burgers, all priced under $8, with combo meals available for less than $15.

The flagship location opened in May 2023 at the busy intersection of Hollywood Boulevard and Highland Avenue, strategically positioned near popular fast-food chains like Chick-fil-A and In-N-Out.

Hooper noted the significance of this location, highlighting the drive-thru feature that Hart House hoped to replicate in future stores.

Despite the enthusiasm surrounding its mission, Hart House has now ceased operations, marking the end of a brief but ambitious venture in the fast-food landscape.

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

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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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Don’t forget to opt-in for push notifications so you don’t miss a single article!

Be sure to share this article with your community.

Also, thank you to all of our site 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.

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Macy’s Is Now Closing 55 Stores By The End of The Year

September 17, 2024 / Frank Nez / 2 Comments

Macy’s is now closing 55 stores by the end of the year and a total of 150 within the next three years, sources are confirming.

Macy’s has announced plans to permanently close 55 stores by the end of 2024 as part of its ongoing efforts to revitalize its business.

This decision marks a shift from the retailer’s initial plan to close 50 underperforming locations, contributing to a total of 150 store closures over three years.

The specific locations of the soon-to-be-closed stores have yet to be revealed.

Many shoppers have expressed their preference for online shopping over visiting physical stores.

“Many people don’t want the hassle of driving to Macy’s or other stores to go shopping; they’d rather shop online,” said Pam Clinton, a resident of Apple Valley, California.

Despite this shift, some customers still enjoy the in-store shopping experience, particularly at Macy’s and Target.

Macy’s, like many retailers, has faced declining sales due to increased competition from online platforms and changing consumer habits that have led to a disinterest in suburban malls.

Statistics from Business Insider indicate that the number of malls in the U.S. has dropped significantly from around 2,500 in the 1980s to nearly 700 in 2022.

GlobalData Retail analyst Neil Saunders highlighted the challenges facing Macy’s, stating, “The biggest things that have gone wrong at Macy’s are the quality of the stores and the product assortment.

Over the years, customers have deserted it, sales have tumbled, and store productivity has gone down.”

California hosts the highest number of Macy’s locations, with 88 stores statewide and nearly 500 across the U.S.

Macy’s CEO Tony Spring noted during a recent earnings call that while the stores being closed are underperformers, they represent valuable real estate assets, and demand for these properties remains strong.

Macy’s continued its presence in the High Desert region with the opening of a store at the Mall of Victor Valley in March 2013, following the bankruptcy of Gottschalks, which had previously occupied the space.

Before this, local residents had to travel to San Bernardino or Rancho Cucamonga to shop at Macy’s.

As Macy’s navigates these closures, the company aims to adapt and thrive in an evolving retail landscape.

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

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Market News Today - Macy's Is Now Closing 55 Stores By The End of The Year. — Market News Today – Macy’s Is Now Closing 55 Stores By The End of The Year.

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 📰

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Be sure to share this article with your community.

Also, thank you to all of our site 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.

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