More companies are declaring bankruptcy and shutting down operations, citing inflation and high costs. Inflation and the economy remains a top issue among all voters, according to a recent The Center Square Voters’ Voice Poll.
Retailers are closing nearly 3,200 stores this year, according to a recent analysis from CoreSight Research. The closures are a 24% increase from 2023.
U.S. drug stores and pharmacy closures led to 8 million square feet of shuttered retail space this year, the research company said. It also notes that retailers are losing inventory and customers due to retail theft. “Retail shrink” is closely connected to “organized retail crime,” it notes.
Out of the 3,200 being closed, the majority are being closed by roughly 30 retailers, with Family Dollar closing the most of over 600, according to the data, CBS News reported.
Tupperware is the latest to announce it’s permanently closing its last operating production plant in the U.S. in Hemingway, South Carolina. All of its 148 workers will be laid off, the first in September, followed by others in waves through next January. Tupperware announced its plans last week, stating it would continue to produce its products in a plant in Lerma, Mexico.
The iconic plastic container company has also been shedding real estate and dealing with a non-compliance notification from the New York Stock Exchange, Plastics Today reported.
The teen apparel retail chain, Rue21, also filed for bankruptcy last month, announcing it was closing all 540 of its stores. The Pittsburgh-based retailer was in $200 million worth of debt and is laying off all of its 4,900 employees because of “under-performing retail locations … inflation and macroeconomic headwinds,” CNN reported.
The California-based discount retail chain 99 Cents Only filed for bankruptcy in April because “the last several years have presented significant and lasting challenges in the retail environment,” the Los Angeles Times reported. Its closing all 371 of its stores.
Others closing stores this year include CVS Health, 7-Eleven, Rite Aid, Express, Walgreens Boots Alliance, Macy’s, The Body Shop, Soft Surroundings, Burlington stores, Foot Locker, Carter’s Big Lots, Dollar General, Abercrombie & Fitch Co., Big Lots, Best Buy and others, according to the CoreSight analysis.
Read more at Justthenews.com
What Are Your Thoughts?
