All articles tagged with #retail apocalypse
GameStop is set to close about 470 of its roughly 2,000 U.S. stores in January, leaving fewer than 2,000 locations as the company contends with a broad shift away from physical retail; closures will hit several states, highlighting a wider retail downturn that has seen thousands of store closures nationwide in recent years.
The American pharmacy industry is facing a severe crisis, exemplified by the closure of many Bartell Drugs locations in Seattle following Rite Aid's bankruptcy. Factors such as competition from online retailers, reduced reimbursements from pharmacy benefit managers (PBMs), and the opioid crisis have led to widespread pharmacy shutdowns. This has created "pharmacy deserts," particularly affecting underserved communities. The situation is dire for both large chains and independent pharmacies, with many struggling to stay afloat amid financial pressures and changing market dynamics.
The decline of Bartell Drugs, a 130-year-old family-owned pharmacy chain in Seattle, highlights a broader crisis in the American pharmacy industry. Factors such as competition from online retailers, reduced reimbursements from pharmacy benefit managers (PBMs), and the opioid crisis have led to widespread closures of both independent and chain pharmacies. This trend is creating "pharmacy deserts," particularly affecting underserved communities, and exacerbating the challenges in the U.S. health care system.
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.
Nordstrom is cutting almost 400 jobs as it prepares to shut all its stores in San Francisco amid rising crime and a faltering economy in the city. A total of 379 jobs will be axed at the department store, which is in the Westfield San Francisco Centre shopping mall, and the Nordstrom Rack outlet a few doors down. The upscale firm announced it was shutting both stores earlier this month, blaming the 'changed dynamics' of the crime-ridden city. A host of major chains, including Whole Foods, Brooks Brothers and Office Depot have also shuttered stores, with a disturbing report showing 95 retailers downtown - more than half the total - have closed since the start of the COVID pandemic.
Tuesday Morning, a discount home goods chain that filed for bankruptcy in February, has begun liquidation sales across its remaining 464 stores. This comes after Bed Bath & Beyond began closing its 360 remaining stores last week. Both retailers are victims of the "retail apocalypse" gripping the US. Items have been cut by 30 percent as shoppers rush to bag a bargain in sales.
Bed Bath & Beyond shares surged by more than a third as meme traders rallied behind the struggling big box store, despite reports that it will file for bankruptcy within the coming days after a post-pandemic retail apocalypse swept the nation. Almost a fifth of Bed Bath & Beyond shares have been shorted by institutional traders. By comparison, less than one percent of Apple's shares are shorted.