Kroger closing 60 stores across US: What shoppers need to know
Grocery chain Kroger announced it will close 60 stores across the United States over the next 18 months, representing about 5% of its 1,239 Kroger-branded locations operating in 16 states. The Cincinnati-based company disclosed the decision in a recent regulatory filing. Kroger will close 60 stores across the United States over the next 18 months.(REUTERS)
"In the first quarter, Kroger recognized an impairment charge of $100 million related to the planned closing of approximately 60 stores over the next 18 months. As a result of these store closures, Kroger expects a modest financial benefit," the company said.
Kroger said employees at affected stores will be offered positions at other nearby locations.
While the company did not release a full list of affected locations, WAFF reported that the Kroger store at 1707 W. University Drive in McKinney, Texas, will be among those shutting down.
"Unfortunately, we have made the difficult decision to close our McKinney store located at 1707 W. University Dr.," Kroger said in a statement to WAFF. 'This closure is part of a larger company-wide decision to run more efficiently and ensure the long-term health of our business.'
Also Read: Kroger under fire for 'Lazy' Juneteenth cakes Store Closures Follow Modest Sales Decline
The announcement comes shortly after Kroger reported its first-quarter earnings, with sales falling slightly to $45.1 billion, compared to $45.3 billion during the same quarter last year.
Despite the decline, Chairman and CEO Ron Sargent said the company made 'solid progress' in several key areas.
'Kroger delivered solid first quarter results, with strong sales led by pharmacy, eCommerce and fresh. We made good progress in streamlining our priorities, enhancing customer focus, and running great stores to improve the shopping experience,' Ron Sargent said in a statement.
'Our commitment to driving growth in our core business and moving with speed positions us well for the future. We are confident in our ability to build on our momentum, deliver value for customers, invest in associates and generate attractive returns for shareholders.'
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