This Massive Retailer Now Begins to Close Stores in California

A massive retailer now begins to close stores in California after failing to meet company expectations, say sources.

Two Walmart stores are set to close in weeks, retail chiefs have announced.

Executives say that the supermarkets in San Diego County, California, are being shut down because they are underperforming.

Shoppers only have weeks remaining to grab groceries and other items from the stores as they will be closing on February 9.

One of the closing down stores is located in El Cajon – located around 16 miles from San Diego – while the other is in the San Diego neighborhood of Sherman Heights.

Walmart, which has more than 4,000 stores nationwide, has around 280 outlets in California.

More than 350 workers are set to be impacted by the shutdowns, per The San Diego Union-Tribune.

Chiefs have confirmed staffers will be able to work at another nearby Walmart.

Bosses have not renewed the leases on the buildings after failing to reach agreements with the property owners.

It has been reported that the stores are closing because they’ve not met expectations, per the NBC affiliate KNSD.

Walmart has revealed no one factor sparks store closures, reports The-Sun.

“We are grateful to the customers who have given us the privilege of serving them at our San Diego and El Cajon stores,” Brian K. Little, a spokesperson for the chain told KNSD.

“We look forward to continuing to serve them at any of our many locations across the area, on, and through delivery to their home or business.”

Shoppers have told the ABC affiliate KGTV they’re not entirely surprised by the closure of the El Cajon store.

In 2023, Walmart closed more than 20 stores across the US because they were underperforming.

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Market News Today - This Massive Retailer Now Begins to Close Stores in California.
Market News Today – This Massive Retailer Now Begins to Close Stores in California.

An iconic home retailer now makes unexpected store closures as 17 locations abruptly shutter due to ‘financial issues’.

The Kelly-Moore Paints locations were closed just days before the new year, leaving employees out of work for the start of 2024, reports The-Sun.

Stores throughout Texas, Oklahoma, and California were closed, and the company’s paint manufacturing facility in Hurst, Texas, has temporarily halted production.

Kelly-Moore said it will continue to fulfill online orders and stock retail stores with products it already has.

Jordan Wilson worked at one of the Texas stores that closed and exclusively told The U.S. Sun about how the news was delivered.

On the morning of January 5, Kelly-Moore’s chief executive officer, Charles Gassenheimer, announced over a Zoom call that the company was having “financial issues” and 700 employees would be placed on furlough, he said.

It would last until a deal could be reached with an outside investor, and there were allegedly three deals in the making.

Gassenheimer also said there would be limited production during the furlough to clear out existing inventory.

“I am one of the 700, and with 9 years in service at Kelly-Moore, and many others with much longer, we never expected to see anything like this,” said Wilson.

“On top of the 700 lives, this furlough has caused understaffed stores and limited production in the factory, which will cause a loss of customers, which in turn will lead to a loss of business, then the company dies.

“I don’t think many of the 700 can afford to just sit around and hope, and trust that things will get better and they will get their jobs back. I sure can’t!

“My thoughts are that the Flacks group is gearing up to sell Kelly-Moore to the highest bidder and get out with as much money as they can.”

He is referring to Flacks Group, an investment firm that bought Kelly-Moore in October 2022.

Kelly-Moore has been grappling with thousands of asbestos litigation claims for the last 30 years.

Under previous ownership, asbestos was used in cement and texture products until 1981 when the practice was discounted.

However, existing lawsuits led to a “cash drain” that left Kelly-Moore’s finances “severely constrained.”

The company has struggled to address supply chain issues that were exacerbated by the pandemic due to the lack of cash.

Also Read: SNAP Benefits Will Now Increase For The Year 2024

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Market News Today - This Massive Retailer Now Begins to Close Stores in California.
Market News Today – This Massive Retailer Now Begins to Close Stores in California.

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