A LOVED grocery chain has announced its stores will be closing after its CEO admitted the retailer was “hanging by a thread”.
Green Zebra announced that its three Portland stores will be closing on March 31st.
It comes just weeks after Walmart announced that its last two stores in the Oregon city will be closing.
Green Zebra CEO Lisa Sedlar announced that supply chain issues are affecting the grocery chain.
She revealed that the company, founded in 2013, has had expenses increasing.
Sedlar said in a statement: “We have held onto a common thread since the beginning of the pandemic and have been in austerity mode ever since.
“We’ve seen 9 straight quarters of increases in our costs for goods, packaging, fuel, insurance, taxes, freight charges and just about everything.
“Combined with supply chain and labor shortages and razor-thin grocery margins, we just couldn’t overcome all the obstacles.”
Sedlar revealed that the chain had “fought the good fight.”
The chain prided itself on selling fresh, locally sourced produce, meats and groceries — no cigarettes and sweets.
The stores also offered shoppers a coffee bar, nutritious, freshly prepared meals, and kombucha zlurpees.
Green Zebra isn’t the only chain to announce store closures in Portland.
Walmart announced that its two stores in the city will close on March 24.
Bosses said the decision was made because the stores were not meeting “financial expectations,” local Fox Oregon affiliate KPTV reported.
A spokesman said: “The decision to close these stores was taken after a careful review of their overall performance.
“When making these difficult decisions, we consider many factors, including current and projected financial performance, location, population, customer needs and the proximity of other nearby businesses.
“Having decided to move on, our focus is on our people and their transition, which is the case here.”
Around 600 employees are affected by the closures.
Laid-off employees have the option to transfer to out-of-town locations.
RAFT OF LOCKS
Theft is also a problem for retail giants like Walmart.
Its CEO, Doug McMillon, warned shoppers in December that the scourge of shoplifting could result in price hikes and/or store closures if left unaddressed.
He told CNBC in December: “Theft is a problem. It’s higher than in the past.”
Shoplifting has become a devastating $100 billion problem for retailers that has executives scrambling for solutions.
In Portland, the problem has reached critical capacity, and several storefronts have been unable to stay afloat, reports the National Review.
A local clothing store, Raind PDX, has closed and a notice on its shutters called for a change.
The letter read: “Small businesses (and large ones) can no longer do business in the current state of our city.
“We have no protection or remedy against criminal conduct that goes unpunished. Our city is in danger.”
Walmart also announced that two stores in Illinois, a Supercenter in Albuquerque, New Mexico, and another in Milwaukee, Wisconsin will close their doors on March 10.
And a supercenter in Pinellas Park, Fla., will halt trading on March 17.
Walmart and Green Zebra aren’t the only retailers to announce a string of store closures.
This week, The US Sun reported that Sprout’s Farmers Market will close 11 of its underperforming stores in the coming months.
Jack Sinclair, the company’s CEO, admitted the stores were built in the wrong areas.
And Best Buy chiefs have told investors the company plans to close at least 20 “large format” stores in 2023.
They warned that the number could rise to 30.
A Best Buy store in Hixson, Tennessee, closed its doors on March 4 after 17 years of operation.
outlets in Temecula, California; Pflugerville, Texas; and Algonquin, Illinois have also closed.
The retailer’s CEO, Corie Barry, has revealed that the company has seen an increase in online sales as they now account for 33 percent, compared to just 19 percent three years ago.
Popular chain Party City will close more than 20 of its stores after filing for bankruptcy.
Amid the struggling retailer’s financial woes, liquidation sales have begun at Bed Bath & Beyond stores.
https://www.the-sun.com/money/7585928/grocery-chain-closing-stores-walmart-hanging-thread/ The second popular grocery store and Walmart rival is closing all stores in the US metropolis after “holding on to a thread”.