Multiple Major Chain Retailers Closing Stores Across New York State
Businesses come and go. No revelation there. Starting a small business can be a tough venture. The chances of a new business failing is 20 percent in the first two years, 45 percent in the first five years and 65 percent in the first 10 years according to the U.S. Bureau of Labor Statistics.
But what about the big dogs? We tend to think that the national retail chains are solid as a rock forever. But that's just not the case. Recently, we saw the fall of the Christmas Tree Shops. Many try to stay afloat through bankruptcy while trying to restructure their debt load. But financial troubles aren't always the reason for store closures.
CVS, the largest drug store in the USA has cut it's number of locations, including some in the Southern Tier of New York. According to The Street website: A policy change first put forward in 2021 meant that hundreds of CVS locations would close as the chain worked to cut costs and get ahead of losses."
Bed Bath & Beyond filed for voluntary Chapter 11 protection, and all New York State stores closed this year, including the Vestal store. In February 2023, NBC New York 4 reported that 87 stores throughout New York, New Jersey and Connecticut were to close, due to "financial woes."
And recently, Target announced that it would be closing nine stores, all in major cities across the United States. But this isn't because of financial issues, rather it is because of high crime issues, effective October 21st.
The nine Target stores to close are in New York City, San Francisco, Portland and Seattle. Fortuantely, none in NAccording to the Target news release:
In this case, we cannot continue operating these stores because theft and organized retail crime are threatening the safety of our team and guests, and contributing to unsustainable business performance. We know that our stores serve an important role in their communities, but we can only be successful if the working and shopping environment is safe for all. - Target
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