business-retail7.55 min read
"The Decline of the American Dollar Store"
1 year ago•Source: CNBC
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3.06 min•1 year ago
"Rival Store CEO Steps in to Save 99 Cents Only Chain from Closure"
Mark Miller, CEO of Pic 'N' Save Bargains, is leading a group of investors to acquire more than 100 99 Cents Only Stores in Southern California, aiming to save them from closure. The decision to close the 371 locations was attributed to high inflation and rising theft. This move comes amidst a wider trend of retail struggles, with major chains like Walmart, Best Buy, and Dollar Tree also facing closures and challenges due to inflation and shifting consumer demand.
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"99 Cents Only Stores Announces Closure of All 371 Locations"
Los Angeles Times•1 year ago
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"Tupperware's Future in Doubt: Iconic Brand Faces Uncertain Times"
Originally Published 1 year ago — by CNBC
Tupperware Brands, known for its iconic food storage containers, has expressed doubts about its ability to continue as a going concern due to a liquidity crunch and slumping demand. The company, which saw a boost in sales during the pandemic, has reported ballooning losses and faces challenges with increased costs of materials, labor, and logistics. Tupperware has made efforts to address its financial struggles, including appointing a new CEO, hiring an investment bank, and restructuring its debt, but continues to face delays in its financial reporting filings and ongoing material weaknesses in internal control.
"Mass Store Closures: Dollar Store Chain Shutting 1,000 Locations Amid Economic Challenges"
Originally Published 1 year ago — by CBS News
Dollar Tree is closing nearly 1,000 stores, including 600 Family Dollar locations in 2024, representing about 15% of its Family Dollar locations, due to flagging sales and the impact of inflation on its low-income shoppers. The closures are expected to hit some communities hard, as these stores may be the only ones serving the entire area and providing jobs. The company has not released a comprehensive list of the locations it is closing, but some known closures include stores in Illinois, Missouri, New Jersey, North Carolina, and Virginia.
FTC Report Reveals Pandemic Profiteering by Large Grocery Chains
Originally Published 1 year ago — by Federal Trade Commission News
The Federal Trade Commission released a report on grocery supply chain disruptions during the COVID-19 pandemic, revealing that large market participants exacerbated negative effects and distorted competition. Consumers faced skyrocketing prices and product shortages, with some retailers taking advantage of rising costs to increase profits. Smaller firms, especially smaller grocery retailers, struggled more than larger ones to obtain products. The report also highlighted how some larger firms sought favorable supplier allocations and considered buying manufacturing suppliers, potentially further concentrating supply chains. The Commission's findings were based on orders issued to major companies and publicly available industry data, emphasizing the impact on market structure, business conduct, and consumer welfare.
"Rising Inflation and Crime Lead to Closure of 1,000 Dollar Stores"
Originally Published 1 year ago — by Fox Business
Dollar Tree, the parent company of Family Dollar, plans to close around 1,000 stores due to poor market conditions and store performance, with experts attributing the closures to factors such as inflation and theft. The company aims to close approximately 600 Family Dollar stores in the first half of 2024, with additional closures planned over the next several years. Experts suggest that inflation has led to gross margin compression, impacting profitability, while theft is also a contributing factor. The closures are expected to affect Americans in rural and inner city areas who rely on budget prices.
"Joann Fabrics Files for Bankruptcy and Delisted from Nasdaq as Revenue Declines Post-Covid Spike"
Originally Published 1 year ago — by KABC-TV
Joann, the 81-year-old fabric and craft retailer, has filed for Chapter 11 bankruptcy protection, securing $132 million in fresh funding to reduce its $1 billion debt. The company's 850 stores and website will remain open for business, with plans to become privately owned following the bankruptcy process. Declining revenue, a brief pandemic boom, and increased competition have contributed to the company's financial struggles.
"Dollar Tree and Family Dollar to Close 1,000 Stores After Fourth-Quarter Loss"
Originally Published 1 year ago — by ABC News
Dollar Tree and Family Dollar will close 1,000 stores following an unexpected fourth-quarter loss, with plans to shutter 600 Family Dollar stores in the first half of fiscal 2024 and an additional 370 more Family Dollar locations, as well as 30 Dollar Tree stores over the next several years. Dollar Tree shares fell 14% in value on the news, signaling difficulty in maintaining the value of both brands. The company plans to record a $950 million impairment against Family Dollar's trade name and a $1.07 billion goodwill charge. Despite the closures, Dollar Tree opened 219 new stores within the three-month review that ended Feb. 3 and operates 16,774 stores throughout the 48 contiguous U.S. states and Canada.
The Body Shop Closes All US Stores After Filing for Bankruptcy
Originally Published 1 year ago — by NBC News
The Body Shop is closing its U.S. stores and filing for Chapter 7 bankruptcy, with plans to liquidate assets to pay off creditors. The U.K.-based beauty chain had also filed for restructuring in the U.K. and Canada, with some stores in those countries remaining open. The company, which was acquired by L'Oréal in 2006 and then a private equity group in December, faced financial challenges and a difficult retail environment before collapsing in February.
"Bass Pro Shops Set to Open First Pittsburgh-Area Location in 2026"
Originally Published 1 year ago — by CBS Pittsburgh
Bass Pro Shops is set to open its first Pittsburgh-area location in South Fayette Township, offering a 100,000-square-foot Outdoor World store that celebrates the region's sporting heritage and caters to outdoor enthusiasts with a wide range of gear and activities. The store, expected to open in early 2026, will feature hunting and fishing equipment, outdoor gear for activities like hiking and camping, as well as a nature and gift center. Founded by Johnny Morris in 1972, Bass Pro Shops is known for creating immersive experiences that connect customers to nature, and the new location aims to serve the sportsmen and women of western Pennsylvania.
ALDI's Ambitious Expansion Strategy Unveiled
Originally Published 1 year ago — by Progressive Grocer
ALDI announces plans to open 800 new stores across the United States by 2028, including conversions and organic growth following the acquisition of Southeastern Grocers. The expansion will focus on the Southeast, Northeast, Midwest, and West, with a phased approach to store conversions beginning this summer. CEO Jason Hart emphasizes the company's commitment to meeting customer demand for affordable, quality groceries and providing a convenient shopping experience, with a focus on community impact.
"American Eagle's Profit-Boosting Strategy and Earnings Surge"
Originally Published 1 year ago — by CNBC
American Eagle unveils a new strategy to boost profitable growth over the next three years, reporting holiday earnings that beat expectations and taking $94 million in impairment charges related to its internal logistics business Quiet Platform. The retailer's reported net income for the fourth fiscal quarter was $6.32 million, with sales rising to $1.68 billion. American Eagle plans to focus on financial discipline and optimizing operations to fuel growth and long-term profit, aiming for mid-to-high teens annual operating income expansion and 3% to 5% annual revenue growth over the next three years. The company also seeks to increase profits by amplifying its brands, boosting Aerie's expansion, and developing the activewear assortment at its Offline banner.