A massive clothing company is now closing stores for good after filing for bankruptcy just three years ago, sources report.
The popular clothing chain J. Crew is the latest retailer to shut its doors at an ill-fated shopping mall that has hemorrhaged stores, reports The-Sun.
The San Francisco Centre has lost major brands over the past few months including Adidas, Lego, Hollister, and Nordstrom who all announced store closures.
Unfortunately, the J. Crew store in the shopping mall in San Francisco is set to close its doors for good on January 22, an employee revealed to SFGATE.
The employee who spoke under a condition of anonymity claimed that the lease was due to expire and the retailer did not want to renew it.
No reason was given for the decision not to renew though other shuttered retailers in the area have noted crime and decreased footfall as reasons behind their closures.
According to the J. Crew employee, all remaining stock from the store will be distributed to nearby stores in the Bay Area by January 26.
In addition to this, they revealed that around 30 members of staff will be impacted by the closure with some planning to transfer to another store but others being forced to find new work.
“Do you know how many times I’ve been through this?” said the employee asked.
According to the employee, they had been hired by at least two other retailers in downtown San Francisco, all of which closed in the past couple of years, forcing them to look for a new job.
“All of those companies said at the time, ‘Would you like to work at a different store?’ But depending on the location, there’s only so many hours that can be split up among employees, and they’re not guaranteed,” the employee said.
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Also Read: A US Company Now Declares An Unexpected Bankruptcy
Other Economy News Today
A massive US bank is now cutting 20,000 jobs to save as much as $2.5 billion to boost the Wall Street giant’s lagging returns.
Firmwide expenses are expected to drop to a range of $51 billion to $53 billion over the medium-term, Citigroup said, without clarifying the exact timeframe.
In the meantime, though, the firm expects to incur as much as $1 billion in expenses tied to severance payments and Fraser’s broader overhaul of the bank.
Costs for the year should be in the range of $53.5 billion to $53.8 billion — a decrease from the $56.4 billion the firm spent in 2023.
“The fourth quarter was very disappointing,” Fraser said in the statement.
“Given how far we are down the path of our simplification and divestitures, 2024 will be a turning point.”
Fraser in September initiated the biggest restructuring of Citigroup in decades as she seeks to improve the bank’s returns.
She has said the moves will allow the bank to eliminate bureaucracy, slimming it down from 13 management layers to just eight.
Fraser has also said the overhaul would help her boost a key measure of profitability known as return on tangible common equity to at least 11% by 2027 at the latest.
She reiterated that medium-term guidance on Friday.
The 20,000 roles that Citigroup will eliminate include jobs cut as part of the restructuring as well as dismissals that would have occurred anyway, reports Bloomberg.
This comes as a major blow to employees at the bank.
Massive bank layoffs have also been occurring within Wells Fargo, JPMorgan, PNC, and others.
The continued coverage of bank layoffs in 2024 is a developing story — for more news and updates like this, opt-in for push notifications.
Also Read: A Massive Bank Now Closes Several Branches in Florida
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