Two massive retailer locations in New York are set to permanently close down by January according to the latest reports.
The report states that the reason for these big name retailers shuttering is primarily due to a financially strategic plan.
“Today, it has been announced that two of the company’s flagship New York State retail stores are permanently shuttering: a T.J. Maxx and Marshalls are closing their doors as of January,” reports Joel Eisenberg.
BisNow reports that the shuttering T.J. Maxx location is in Downtown Brooklyn while the Marshalls location is in the Bronx.
ScrapeHero has also recently-updated T.J. Maxx store location count stating the following:
“There are 1,307 TJ Maxx stores in the United States as of October 12, 2023.
The state with the most number of TJ Maxx locations in the US is California, with 122 stores, which is about 9% of all TJ Maxx stores in the US.”
And in regard to Marshalls, “There are 1,190 Marshalls stores in the United States as of September 20, 2023.
The state with the most number of Marshalls locations in the US is California, with 148 stores, which is about 12% of all Marshalls stores in the US.“
Wednesday’s report confirmed the following:
“The TJX Cos., the discount retail conglomerate that owns the chains, filed notices with the New York Department of Labor Wednesday that it plans to close the T.J. Maxx location at 503 Fulton St. in Brooklyn and the Marshalls store at 610 Exterior St. in the Bronx.
Both stores are expected to close by Jan. 6, just after the holiday shopping season.“
Also Read: A Major Essential Company Now Files For Unexpected Bankruptcy
Other Economy News Today
A massive US company is now laying off thousands of employees after announcing the closure of a plant in South Central Oklahoma.
Michelin announced it will be “winding down,” its operations at the plant by 2025.
About 1,400 people will be losing their jobs because of the wind down.
That doesn’t include contractors or other businesses that will also be impacted by the loss of production.
Headquartered in Greenville, S.C., Michelin North America employs about 22,650 and operates 20 major manufacturing plants.
The Ardmore tire factory has been a major employer in the region for decades, opening its doors in 1970.
Michelin says in a news release that the Ardmore plant isn’t equipped to evolve with market demands for tires. The company will be moving production to other passenger-tire plants across the continent.
“Michelin has strived to be a good steward in every chapter for this plant and community. Winding down operations is the hardest of all business decisions,” Terry Redmile, senior vice president of manufacturing for Michelin Group’s Americas Zone, said in a statement from the company.
The company says that precise timing has not yet been determined but that based on the outlook of demand, staffing reductions will occur sometime around mid-2024.
“Additional reductions are expected to occur in phases through 2025 as transition plans are finalized,” the company stated.
“Michelin has strived to be a good steward in every chapter for this plant and community. Winding down operations is the hardest of all business decisions,” said Terry Redmile, senior vice president of manufacturing for Michelin Group’s Americas Zone.
The company said on Thursday that over the coming days and weeks, representatives for the Company will discuss separation benefits individually with each person who works in the factory.
Also Read: A US Company Now Declares An Unexpected Bankruptcy
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