Kroger plans to close 60 US stores in 18 months to improve profits
Kroger (KR) plans to close around 60 U.S. grocery stores over the next 18 months to improve efficiency.
The Cincinnati, Ohio-based company announced the plan during a corporate earnings call last Friday. The company hasn't said which stores it plans to shutter, but said the closures will happen around the country. It also said employees at impacted stores will be offered jobs at other locations.
'We see this as an opportunity to move these closed store sales to other stores, and we think that should improve profitability,' Kroger's interim Chairman and CEO Ronald Sargent said during the call.
Sargent also said Kroger plans to open at least 30 stores this year and will accelerate its store openings in 'high-growth geographies' next year.
A message seeking details of the company's plans was left Wednesday with Kroger.
Kroger is the nation's largest supermarket chain, with 2,731 stores in 35 states and the District of Columbia. It operates stores under multiple brand names, including Smith's, Ralphs, King Soopers and Fred Meyer.
Sargent said Kroger usually evaluates the performance of individual stores on an annual basis but it deferred any store closings during its two-year effort to merge with rival Albertsons. The two companies announced the $24.6 billion merger plan in 2022 but the deal fell apart late last year after two judges blocked it due to concerns about competition.
Kroger's plan to close stores comes as the company is facing labor unrest over issues including chronic understaffing at stores, according to the United Food and Commercial Workers union. Union members in Southern California began picketing at a Los Angeles Ralphs last week. Workers at King Soopers stores in Colorado also went on strike earlier this year.
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Yahoo
14 minutes ago
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Alico, Inc. applauds Gov. Ron DeSantis for signing House Bill 4041 to create the Corkscrew Grove Stewardship District
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The proposal also received unanimous support from the Collier Board of County Commissioners. The Corkscrew Grove Stewardship District will assist Alico in its efforts to effectively finance infrastructure, help restore and manage natural areas, and oversee the administration of the master planned communities and lands within the district's boundaries. In March 2025, Alico announced the creation of Corkscrew Grove Villages in eastern Collier County. Located on approximately 4,600 acres at the northwest corner of Collier County on the border of Lee and Hendry counties, Corkscrew Grove Villages will not only provide future residents with ample opportunities to live, work and play, but also enhance public infrastructure, permanently protect thousands of acres of sensitive lands, and enhance wetlands and water resources. The plan consists of two 1,500-acre villages accompanied by more than 6,000 acres of permanent conservation area. 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Approved by the Collier Board of County Commissioners in 2002 and spanning approximately 185,000 acres in eastern Collier County, the Rural Land Stewardship Area (RLSA) plan is an innovative, incentive-based approach to planning and implementing long-term growth in rural regions. For the past 20 years, Alico has worked closely with other Southwest Florida landowners and community stakeholders to develop and implement the RLSA plan. While the long-term vision for Corkscrew Grove Village includes two villages, Alico is currently seeking approval for the East Village as its first step. The process is anticipated to take approximately one year, with the final decision by the Collier Board of County Commissioners expected in 2026. Alico has also submitted permits to the South Florida Water Management District and the U.S. Army Corps of Engineers for both villages. Construction on the first village could begin in 2028 or 2029, if approvals are granted. For more information about Corkscrew Grove Villages, visit For more information about Alico, visit About Alico, Inc. Alico, Inc. (Nasdaq: ALCO) is a Florida-based agribusiness and land management company with over 125 years of experience. Following its strategic transformation in 2025, Alico operates as a diversified land company with approximately 51,300 acres across 8 Florida counties. The Company focuses on strategic land development opportunities and diversified agricultural operations, leveraging its extensive land portfolio to create long-term shareholder value while maintaining its commitment to responsible land stewardship and conservation. Learn more about Alico at Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding the Company's expectations with respect to its Strategic Transformation; the Corkscrew Grove Stewardship District's assistance in the Company's efforts to effectively finance infrastructure, help restore and manage natural areas, and oversee the administration of the master planned communities and lands within the district's boundaries; the Company's plans to pursue commercial and residential development, including with respect to the Corkscrew Grove Villages and the timeline for development thereof; and any other statements relating to our future activities or other future events or conditions. These statements are based on our current expectations, estimates and projections about our business based, in part, on assumptions made by our management and can be identified by terms such as 'if,' 'will,' 'should,' 'expects,' 'plans,' 'hopes,' 'anticipates,' 'could,' 'intends,' 'targets,' 'projects,' 'contemplates,' 'believes,' 'estimates,' 'forecasts,' 'predicts,' 'potential' or 'continue' or the negative of these terms or other similar expressions. These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. 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Boston Globe
15 minutes ago
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Venice, prime wedding spot, braces for a Bezos marital extravaganza
Advertisement Glassblowers, mask makers, and bakeries are counting their euros for a multiday event that has City Hall swooning. Officials project the economic benefits in the low eight digits, including $3.5 million in charitable donations. But not all of Venice is swooning. The city's latest wedding bash — a smaller affair compared with some Venetian blowouts, with government officials and one vendor estimating between 200 and 250 guests — has become a lightning rod for overtourism protesters, eco-activists, and left-wing demonstrators who are hosting a network of events against what they see as a manifestation of the era of the One Percent. Their slogan — 'No Space for Bezos' — has popped up on street corners and even a banner across the legendary Rialto Bridge. On Monday, activists from Greenpeace and the Britain-based group Everyone Hates Elon unfurled a giant image of a laughing Bezos in St. Mark's Square under the words: 'If you can rent Venice for your wedding you can pay more tax.' Advertisement Demonstrators had threatened to block access to what was expected to be Saturday's main wedding celebration at the Misericordia — a cavernous venue in northern Venice inaugurated in 1583 — by physically throwing themselves in canals. Sensing potential trouble, a decision was made this week to change the location, said a person familiar with the event. 'The decision was taken so as not to harm or create distress for residents, visitors and tourists,' said the person, who spoke on the condition of anonymity to discuss confidential deliberations. Demonstrators are celebrating the relocation as a 'victory.' The new venue for Saturday's festivities remains officially secret, but protesters say they have tapped an underground network of cleaners, technicians, caterers, and others to pinpoint the new site in a secluded part of the Arsenale complex used to host Venice's annual Biennale art and architectural exhibitions, as well as high-security summits. The venue, city officials say, is more easily monitored and secured. Saying waters in the area are too treacherous to risk their original plan — jumping in canals with inflatable flamingos, ducks, and unicorns, to disrupt boats ferrying guests — protesters are now planning a less invasive Saturday march away from the venue. 'We have already won,' said Tommaso Cacciari, one of the protest organizers and the nephew of a former mayor. 'Bezos wanted to use Venice as a backdrop for his pictures. We used his event to show our fight to the world.' Advertisement City officials, police, and business owners, meanwhile, have pushed back against claims by protesters that Bezos sought to effectively 'buy Venice' for the event, noting that the city has hosted significantly larger and more extravagant affairs. They cite, for instance, the 'Wedding of the Century' that brought Bollywood to the Adriatic for three heady days in 2011. The silk-swathed celebration for an Indian heiress and her betrothed saw 800 guests sup on delicacies from Harry's Bar. There were stilt walkers, billionaires, and a blimp. Shakira crooned. Nobody protested. Then there was the wedding of George Clooney and Amal Alamuddin in 2014. 'Where were these protesters when George Clooney got married at City Hall, and really did disrupt the streets? This is a private wedding, out of the way. I can't understand this,' said Simone Venturini, the Venice city councilor responsible for the tourism sector. Venturini said he understood that Bezos and Sánchez were to be legally wed in the United States, and were simply hosting their celebrations in Venice. Bezos and Sánchez declined to comment. The wedding planners — the boutique agency Lanza & Baucina — also declined an interview request. In a statement, the company condemned the 'misinformation, falsehoods and misunderstandings' that have circulated in Venice about the wedding celebrations. They described the number of water taxis and gondolas booked as not 'excessive' and 'proportionate to the number of guests.' Senior officials estimate that the event has booked roughly 30 of the city's 250 water taxis. 'From the outset, both our client's brief and our guiding principles have been very clear: minimizing the impact of the event on the city, respect for its residents and institutions and the prominent use of local workers in the creation of events,' the Lanza & Baucina statement read. 'The rumors of a 'takeover' of the city are completely false and diametrically opposed to our aims and reality.' Advertisement Bezos, the founder of Amazon, also owns The Washington Post. In some ways, the Bezos-Sánchez event has become a pawn in a bigger game. Much of Venice has fretted about overtourism. But the mayor and business interests are especially at odds with a small group of die-hard activists angered by high housing prices and the devolution of a once formidable city-state into a Disney-esque playground for shorts-wearing, selfie-taking hordes. Yet protesters, who include social housing activists, university collectives, workers' rights advocates and anti-cruise-ship groups, say they have particularly targeted Bezos because they see him in a 'political context' — calling the billionaire a symbol of consumer-driven culture and anti-labor-union animus, and a member of a global elite that has corralled wealth. Fairly or not, some protesters also said they equate him with President Trump. 'We would have protested Bezos even if he came with three people in a wooden boat with oars,' Cacciari said. Others in Venice, however, see just the opposite — a billionaire spreading his wealth. Not far from St. Mark's Square, sugary scents waft from the glass counters of the Rosa Salva bakery. The family business founded in 1879 was originally contracted months ago to produce sweets as gifts for a major but anonymous wedding this week. Three weeks ago, as protest fervor built, the owner, Antonio Rosa Salva, was informed that the order — for roughly 200 gift boxes — was for guests of Bezos and Sánchez. Rosa Salva called the protests shortsighted. Weddings, he said, are responsible for 30 percent of his total annual sales. 'We've done weddings for 500 people, events for 1,800, and nobody ever said a word,' he said. 'The truth is, Venice has been hosting events like this for centuries. It should be a pleasure and honor for us to host this now. We need this.' Advertisement In fact, the Bezos-Sánchez nuptials are happening as the Venice hotel association cites a drop-off in revenue following a banner 2024, a loss it partially attributed to fewer big-spending American tourists. For the association, the protests smack of a self-inflicted wound. Some people in 'this city want the tourist money, but they want it by mail,' said Claudio Scarpa, director general of the Venice Hotel Association, adding that he believed only a small subsection of the city was up in arms over the Bezos event. 'We should be seeing this as the best possible opportunity to advertise our city.' In a city highly sensitive to cruise ship traffic, speculation had raged over whether Bezos would sail his three-masted, 417-foot yacht Koru into Venice. The person familiar with the event said the vessel was not expected to enter the city, and Italy's La Repubblica reported the couple had arrived in the area by helicopter. On Wednesday evening, the Koru was located in the waters off nearby Croatia, according to . People magazine on Monday published images of the suds-covered couple aboard the Koru, enjoying what the outlet described as a 'foam party' with guests. Darco Pellos, the prefect of Venice in charge of public order, said a variety of local and national Italian security forces were being called in this week to keep the peace, given the level of the 'personalities' attending the event. He said he had been informed of the venue change for Saturday. Advertisement Depending on how things go, the event could mark a test of a newly passed national security law that grants authorities the right to detain protesters for obstructing public places. But Pellos said: 'I believe there will be no problems, as on all occasions when dissent has been manifested in this city. Our interest lies in guaranteeing the safety of citizens — those who demonstrate, and those who want this private event.' Luca Zaia, the governor of Veneto — the region of which Venice is the capital — disclosed this week that Bezos and Sánchez had donated 1 million euros to CORILA, a group that supports scientific research and preservation efforts on the Venetian lagoon. A person familiar with the donations who spoke on the condition of anonymity to discuss financial details said additional donations of 1 million euros each were made to the Venice Office of the United Nations Educational, Scientific, and Cultural Organization (UNESCO), and to Venice International University. In an interview, Zaia called the $18 billion-a-year tourism industry the region's most important, and criticized the protests. 'We don't know how much Bezos's wedding will bring,' the governor said of the economic windfall. But, he said, Bezos 'has rented five hotels, about 30 taxis and, from what we understand, it will cost Bezos between 20 [million] and 30 million euros,' he said. 'We'll be awaiting Bezos with open arms.' For guests, the weather may be more uncomfortable than the protests, with high temperatures approaching 90. The locations of the week's other wedding-related festivities also remain closely guarded secrets — though word has seeped out of potential locations, both to protesters and the local press. The town is buzzing over mysterious activity near the Madonna dell'Orto Church in the Cannaregio district. Another rumored spot is San Giorgio Maggiore island, a graceful stretch of historical buildings with sweeping views of St. Mark's Square. Home to a small but ancient cloister of Benedictine monks, it has played host in the past to high-security international summits. Today, the island is owned by the Italian government and largely managed by the Giorgio Cini Foundation, founded by a former communications minister for Benito Mussolini who later turned against Il Duce. Foundation officials would not comment on rumors of a wedding-related event reportedly being planned in a closed-off park where black gazebos and a metal detector went up 10 days ago. A woman staffing an accreditation booth would only describe it as a 'private event.' 'I do not doubt that Mr. Bezos does great and good things,' Stefano Visintin, the Benedictine abbot on San Giorgio, told the Corriere del Veneto newspaper. 'But a personality of such caliber could have expected to also have enemies, and possibly cause a stir,' Visintin added. 'Couldn't he have gotten married in an isolated villa in Beverly Hills?'
Yahoo
16 minutes ago
- Yahoo
Gemini, ChatGPT may lose the AI war to deep-pocketed rival
Gemini, ChatGPT may lose the AI war to deep-pocketed rival originally appeared on TheStreet. Gemini, ChatGPT may lose the AI war to deep-pocketed rivals Markets have been jittery this year, and it all goes back to a single seismic moment in January. 💵💰💰💵 From ChatGPT to Gemini, AI sparked a massive stock market boom, with tech stocks soaring and early adopters laughing their way to the bank. Billions in market value have been added, thanks to a sustained long-term tailwind in AI. Many in the U.S. saw AI as a closed club run by a few gatekeeper tech giants. Earlier this year, in January, the 'DeepSeek' moment cracked that lock wide open, triggering one of the largest slides in tech stock history. Ever since, Mr. Market's been on edge, and now, with what dropped yesterday, it's looking like another shockwave could be on the way. DeepSeek burst onto the scene this year, shaking things up in Hangzhou-based startup, barely a year old, dropped its R1 chatbot, leaving experts in disbelief. The chatbot boasted an open-weight model with a training cost of just $6 million, way below the eye-watering budgets of its American peers. Its launch set off a brutal tech stock sell-off, one of the biggest we've seen in a long time. DeepSeek's launch on January 27 led the Nasdaq to a concerning 3.1% drop, while the S&P 500 slid almost 2%. Investors freaked out over the remarkably cheap, open-source AI proposition. In premarket trading that morning, Nvidia stock sank 13%, erasing north of $500 billion in market cap at the open. Moreover, the broader 'Magnificent 7' group, including the likes of Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla, lost a combined $1 trillion in market cap. Right after DeepSeek dropped R1, it took off fast. The app shot to No. 1 on Apple's U.S. App Store, bumping ChatGPT, while topping charts in 50+ countries. By late May, the Chinese AI powerhouse was already back with a major upgrade. The new R1-0528 dropped on Hugging Face, packed new system prompts, function-calling, all while cutting hallucinations by roughly 50% and doubling the chain-of-thought window. They even rolled out a lightweight version on a single GPU, making advanced AI more DIY-friendly. Behind the scenes, OpenAI launched a probe into whether DeepSeek had scraped ChatGPT's data to train its model, adding more fuel to the AI wars. President Trump jumped on the moment, calling it a 'wake-up call' for U.S. tech to get serious about AI. Meanwhile, Apple's Tim Cook visited Beijing and praised DeepSeek's models, calling them 'excellent'. All said, DeepSeek isn't just holding strong, it's dominating. More on Tech and AI: Tesla's robotaxi rollout runs into trouble Struggling EV semiconductor company files for bankruptcy Struggling EV semiconductor company files for bankruptcy It snagged an estimated 89.3% of China's AI chatbot market, cementing its lead as the go-to chatbot for hundreds of millions across the mainland. China is gearing up for what's likely to be a tidal wave of AI innovation. According to Zhu Min, former deputy governor of the People's Bank of China, we could see over 100 'DeepSeek-like' breakthroughs over the next 18 the China Development Forum in Tianjin, Zhu predicts the momentum in homegrown AI platforms will 'fundamentally change the nature and the tech makeup of the entire Chinese economy.' DeepSeek has already rattled global markets this year and has the undivided attention of China's power hitters. State planners and VC firms are all in, pouring a ton of money on homegrown AI ventures and big-name sectors. Across the Pacific, U.S. officials are watching closely, eyeing export rules and IP protections as Beijing looks to solidify its AI positioning. DeepSeek is gearing up to release its much-talked-about R2 model. The big question is whether it can keep the momentum on both the hardware and software fronts. If it can, analysts say we could see a serious shift in global tech power by ChatGPT may lose the AI war to deep-pocketed rival first appeared on TheStreet on Jun 25, 2025 This story was originally reported by TheStreet on Jun 25, 2025, where it first appeared. Sign in to access your portfolio
