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Pier 1 Will Close Nearly Half Its Stores Amid Bankruptcy Speculation Pier 1 Will Close Nearly Half Its Stores Amid Bankruptcy Speculation
Pier 1 Will Close Nearly Half Its Stores Amid Bankruptcy Speculation Pier 1 Imports announced it will close up to 450 stores, nearly half of its 942 outlets. The news comes amid rumors unconfirmed that the retailer will soon file for bankruptcy and after another quarter of declining sales and losses. Pier 1 said sales decreased 11.4 percent compared to the third quarter of fiscal 2019. Pier 1, which did not reveal the timetable for store closures, said it plans to shut down some distribution centers and reduce its corporate headcount while also slashing expenses. To view the Pier 1 statement, click here.

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by Joe Lombardi
Business
Luxury Retailer Barneys Closing 15 Stores, Files For Bankruptcy Luxury Retailer Barneys Closing 15 Stores, Files For Bankruptcy
Luxury Retailer Barneys Closing 15 Stores, Files For Bankruptcy Barneys has gone bankrupt. The luxury retailer has officially filed for bankruptcy due to decreased sales, and will be closing down 15 stores as part of a reorganization effort. “For more than 90 years, Barneys New York has been an iconic luxury specialty retailer, renowned for its edit, strong point of view, creativity, and representation of the world's best designers and brands," Barneys CEO and President Daniella Vitale said. "Like many in our industry, Barneys New York's financial position has been dramatically impacted by the challenging retail environment and rent structures that are …

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by Zak Failla
Business
Lowe's To Lay Off Thousands Of Employees, Outsource Some Positions To Third Parties Lowe's To Lay Off Thousands Of Employees, Outsource Some Positions To Third Parties
Lowe's To Lay Off Thousands Of Employees, Outsource Some Positions To Third Parties Thousands of Lowe’s employees will soon be out of a job as the home improvement retail giant reshuffles positions. Lowe’s announced that it is planning to outsource the jobs of maintenance and assembly workers to third-party companies, including workers that put together certain items such as grills and wheelbarrows. The news of layoffs was first reported by the Wall Street Journal. It is unclear exactly how many employees are being laid off, but it is expected to be in the thousands. The company currently employs approximately 300,000 people in 1,725 stores nationwide. The layoffs come a…

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by Zak Failla
Business
Strike Costing Stop & Shop Millions Per Week As Biden Attends Rally With Striking Workers Strike Costing Stop & Shop Millions Per Week As Biden Attends Rally With Striking Workers
Strike Costing Stop & Shop Millions Per Week As Biden Attends Rally With Striking Workers Here are new developments in the Stop & Shop strike by union workers in Connecticut, Massachusetts and Rhode Island: Former Vice President and potential 2020 presidential candidate Joe Biden spoke Thursday, April 18 to support Stop & Shop workers at a Boston store in the neighborhood of Dorchester. For more, click here. Biden expressed his support for Stop & Shop workers in an April 12 tweet: "In the last 5 years, @StopandShop's parent company has bought back billions of dollars in stock. Now they want to cut employee wages & benefits. This is wrong. I stand with the 31,000 …

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by Donna Christopher
Business
Stop & Shop Management, Union Continue Negotiations As Strike Reaches Fifth Day Stop & Shop Management, Union Continue Negotiations As Strike Reaches Fifth Day
Stop & Shop Management, Union Continue Negotiations As Strike Reaches Fifth Day Stop & Shop and the United Food & Commercial Workers (UFCW) continued their negotiations Monday as 31,000 employees of the supermarket chain Ahold Delhaize USA continue to strike throughout New England, Supermarket News reports. The negotiations continued Monday, April 15 after running through the weekend. UFCW Locals 328, 371, 919, 1445 and 1459 walked off their jobs at over 240 Stop & Shop stores in New England April 11, said Supermarket News. When the strike began on Thursday, April 11, many stores were forced to close and customers were instructed to leave. But by Friday, …

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by Donna Christopher
Business
Here's When Wegmans' New Market Will Open In Area Here's When Wegmans' New Market Will Open In Area
Here's When Wegmans' New Market Will Open In Area It won't be long now. Wegmans is beginning the process of hiring and training new staff to fill its food market slated to open in Westchester next year. Site work for the Wegmans in Harrison is nearing completion, paving the way for contractors to begin construction at the site in advance of an official opening at a date to be announced in the spring of 2020. The chain is now seeking 220 full-time employees to staff the 121,000-square-foot grocery store. The store is looking for candidates to fill customer service and entry-level management positions, as well as culinary positions such as …

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by Zak Failla
Business
Dollar Tree To Shut Down 390 Family Dollar Stores Dollar Tree To Shut Down 390 Family Dollar Stores
Dollar Tree To Shut Down 390 Family Dollar Stores Dollar Tree is closing at least 390 Family Dollar stores and will rebrand 200 others, the company announced in releasing its fiscal fourth-quarter earnings this week. Dollar Tree CEO Gary Philbin announced the plans on Wednesday, which will include renovating some locations to sell alcohol and $1 Dollar Tree merchandise sections. As many as 400 stores will get expanded refrigeration sections and some Family Dollar discount stores will be rebranded to the Dollar Tree brand. In total, the discount chain lost approximately $2.3 billion by the end of the fourth quarter. “We are further acceler…

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by Zak Failla
Business
Big Retail, Food Chains Closing Shop In New York City In Record Numbers Big Retail, Food Chains Closing Shop In New York City In Record Numbers
Big Retail, Food Chains Closing Shop In New York City In Record Numbers Big business may be becoming a smaller thing in New York City as several large retailers and food chains continue a mass exodus. For the first time in more than a decade, nationally known chains are moving out of New York City, according to a brand-new report that was recently released. According to the study, nationally known retailers are moving out of the area in greater numbers than their coming in, marking the first time in 11 years. The Center for Urban Future determined that a record 124 retailers have reduced their store footprint over the past year, nearly double the 65 retailers t…

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by Zak Failla
Business
Stop & Shop To Acquire Chain Credited With Nation’s First Supermarket Stop & Shop To Acquire Chain Credited With Nation’s First Supermarket
Stop & Shop To Acquire Chain Credited With Nation’s First Supermarket Stop & Shop plans to buy a chain known for its title of "America's First Supermarket." King Kullen, headquartered in Bethpage, has 32 markets on Long Island. Also part of the deal are five Wild by Nature natural/organic supermarkets. “King Kullen is a well-respected grocery chain in the Long Island market that has an 88-year tradition of excellent customer service,” Stop & Shop President Mark McGowan said in a statement. “We look forward to bringing our quality, selection and value to more communities in Nassau and Suffolk counties.” Stop & Shop, which expec…

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by Joe Lombardi
Business
Sears Announces 40 New Store Closures, Including One In CT Sears Announces 40 New Store Closures, Including One In CT
Sears Announces 40 New Store Closures, Including One In CT Less than a month after it filed for bankruptcy and announced the closures of 142 Sears and Kmart stores, Sears Holdings is saying it's planning to close another 40 stores in February. The new round of closures means there will be roughly 660 Sears and Kmart stores still open. Liquidation sales at the 40 locations set to close will start late next week.  There are three stores slated to shut down in New York among those 40: Kmart 805 New York Ave., Huntington Sears, 3065 Route 50, Saratoga Springs Sears, 21182 Salmon Run Mall, Watertown  The one store in Connecticut in the ne…

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by Joe Lombardi
Business
Sears On Brink Of Bankruptcy, Report Says Sears On Brink Of Bankruptcy, Report Says
Sears On Brink Of Bankruptcy, Report Says After years of store closures, Sears, once the world's largest retailer, could be just days away from facing bankruptcy. The 125-year-old company, which has not turned a profit since 2010, has approached several banks to prepare for a bankruptcy filing, according to CNBC. Sears has a $134 million debt payment due Monday that it previously reported it cannot cover, the report said. Eddie Lampert, a hedge-fund manager who took over as Sears CEO in 2013, said in late September that despite changes in the way it does business, the future looked bleak for the once vibrant company. “The journey…

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by Joe Lombardi
Business
Sears CEO Raises Doubts About Company's Future, Citing 'Substantial Obstacles To Profitability' Sears CEO Raises Doubts About Company's Future, Citing 'Substantial Obstacles To Profitability'
Sears CEO Raises Doubts About Company's Future, Citing 'Substantial Obstacles To Profitability' Despite undergoing a paradigm shift and attempting to change gears in the way it does business, Sears continues hemorrhaging money, casting its future in doubt. Sears CEO Eddie Lampert said that his company has been “working hard to transform its business and unlock the value of its assets,” which includes a shift from traditional retailing to a more member-centric company. Despite these changes, things are looking bleak for the once vibrant company. “The journey to running a member-centric company on a consistently profitable basis has taken far longer than we expected,” Lampert said in a …

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by Zak Failla