Walmart US President and CEO John Furner details the company’s hurricane relief efforts, how it is ‘keeping prices low’ and expanding product availability.
American retailers and restaurants, some of which once marked the fabric of local communities, are now being forced to close their doors or shrink their footprints.
Already this year, store closings in the US are outpacing openings, something not seen in 2023 or 2022, according to CRE Daily.
This comes after 2023 saw more than 4,000 stores announce plans to close, twice as many as last year, according to an analysis by the Daily on Retail, an investor-focused consumer research platform, and cited by the National Retail Federation.
FOX Business has a domino effect hitting US retailers and restaurants.
WALGREENS: The drugstore chain filed for Chapter 11 bankruptcy last month. Now, the company is increasing the number of store closures, which could be around 500… keep reading here. Check out Walgreens’ share here.
CVS SHAKE-UP: The pharmacy and health care company forced its CEO on Friday… keep reading here. The move follows plans to cut 2,900 jobs… keep reading here and plans to cut a total of 900 stores by the end of 2024. Check out CVS share here.
SLURPEE SLUMP: 7-Eleven has a competitive problem. Besides being the home of the popular Slurpee drink, we plan to close hundreds of underperforming stores… keep reading here.
BIG BREAKS: The discount retailer filed for Chapter 11 bankruptcy last month. Now, the company is increasing the number of store closures, which could be around 500… keep reading here.
FULL SUPPORT FOR SELLERS
SHRIMP FAILURE: Red Lobster’s never-ending deal on shrimp eventually sank the seafood chain, which filed for bankruptcy. Now, the new CEO is thinking about how to keep the brand in line with new ideas… keep reading here.
HAPPY HOUR: TGI Fridays, once a familiar face in supermarkets and airports, has been closing locations in the US and UK… keep reading here.
HOME IMPROVEMENT HIT: LL Flooring, born out of the former Lumber Liquidators, is about to retire… keep reading here. Additionally, furniture and home goods retailer Conn’s is closing 70 stores in 13 states… keep reading here.
DOOR STORE DETAILS: Macy’s, once a marquee department store, can’t seem to find a buyer as it continues to shrink as 150 stores on the chopping block… keep reading here. Check out the shares of Macy’s is here.
WELL WELL: Bob’s Stores has thrown in the towel and is closing nearly two dozen of its locations and has come out with a bunch of big sales… keep reading here.
STOP BUYING: Once a prominent grocer in the Northeast, the chain is now closing 32 stores in early November… keep reading here.
JOANN’S: After 81 years, the textile and crafts retailer is filing for Chapter 11 bankruptcy protection with its future hanging in the balance… keep reading here.
DON’T MISS: FOX Business Rundown Podcast – Lots of podcasts here.
FOX Business podcasts (Fox Business)
NEXT:
– Looking for more businesses and markets–leading news? Find out more at FOX Business here.
– Want live updates? Get the FOX Business app here.
– Did someone send you this email? Subscribe to additional newsletters from Fox News and FOX Business here.
Source link
