BOSSES at a major supermarket chain have revealed two outlets are set to close within weeks.
Hy-Vee has officially announced the closure of its stores in Cedar Rapids and Waterloo, Iowa, and the last day of operations will be Sunday, June 23.
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Senior Vice President of Communications Tina Potthoff explained that the decision to close resulted from the store’s failure to meet financial expectations in recent years.
However, affected employees will have employment opportunities elsewhere with no change in pay rate or benefits.
Pharmacy patients will receive detailed information via email about alternative pharmacy options.
“Unfortunately, these locations have not consistently met our financial expectations and sales goals in recent years,” said Hy-Vee spokeswoman Tina Potthoff, Corridor Business Journal reported.
READ MORE ABOUT STORE CLOSURES
“All employees will be offered employment at another Hy-Vee store in the area at the same pay and will maintain existing benefits.
“Pharmacy customers’ prescriptions will automatically be transferred to another local Hy-Vee pharmacy.
“Patients will receive a letter in the mail with additional information about the pharmacy that will serve them in the future.”
Hy-Vee locations in Wellington Heights and Mound View came about as a result of about $1 million in tax incentives offered by the Cedar Rapids government in 2001.
“This store was built with taxpayer support and its closure betrays the community’s trust and investment,” said state Rep. Sami Scheetz (D-Cedar Rapids) in a statement, CBS Iowa reported.
Hy-Vee’s closure means the Wellington Heights community has lost its closest grocery store.
“The imminent closure of this critical grocery store on June 23 will particularly affect the working-class neighborhoods of Wellington Heights and Mound View, potentially leading to a food desert,” said Rep. Scheetz.
Hy-Vee’s closure contributes to mass store closures across the country.
Thousands of stores are feared to close by the end of the year.
Store closing summary
MAJOR retail stores across the country are expected to close thousands of stores.
- About 150 Macy’s stores are expected to close in the US within three years.
- Walgreens announced earlier this year that about 150 U.S. locations will be closing.
- Dollar Tree bosses have announced a series of closures, including 600 Family Dollar stores. These will close this year.
- Walmart has already seen several store closings this year. Supermarkets in El Cajon, California, and Columbus, Ohio, closed.
- A supermarket in Fremont, California will close on May 24.
- A Walmart Neighborhood Market store in Granite Bay, California, closed in April.
- Best Buy bosses have confirmed 24 stores will close during the company’s 2024 financial year.
- At least 100 Express stores are expected to close after the chain filed for bankruptcy.
- An Ulta store in the San Francisco Bay Area is about to close
Some are calling this year a “retail apocalypse,” with Walmart alone announcing the closure of six stores and clothing retailers like Express announcing the closure of more than 100 stores.
Many business owners attribute the mass closure of retail stores to rising inflation in the United States.
A Walmart representative, Alicia Anger, told Sacramento Bee that the closure of a Sacramento location was caused by the establishment not meeting “financial expectations.”
High inflation rates are causing companies to raise their prices more than ever.
Classic chains like Dollar Tree, a retailer known for its low-cost items, have announced that they will raise prices on some items up to $7.
“This year, across 3,000 stores, we expect to expand our multi-price assortment by more than 300 items ranging in price from $1.50 to $7,” company CEO Rick Dreiling said during a meeting. earnings call.
The last time the discount chain announced a price increase was in 2021, when prices on select items went from $1 to $1.25.
This story originally appeared on The-sun.com read the full story
