July 31, 2024
Meanwhile, the Debtors seek approval of bidding procedures and an auction of assets, to occur in September. In the event the whole business may be sold as a going concern, a sale hearing was proposed for October.
Big Lots has started a larger scale store closing process. Though the Company has not specifically disclosed a list of closing stores, it has started advertising store closing sales around the nation at 143 stores (10% of the base) as of July 23. This development follows the Company announcing in June that it would be closing between 35 and 40 stores this FY after closing 33 in FY23.
See our Retail Openings & Closings map to the right for where the 143 stores closing are located.
In the Rite Aid, DIP case, the Debtors identified 30 additional stores for closure, bringing the total of announced closures to 749.
On July 23, Rite Aid announced 50 closures, all in Michigan and Ohio. This latest list of 30 closures is also all located in Michigan and Ohio. Combined with prior announcements, Rite Aid has now announced the closure of roughly 75% of its stores in these two states.
Bass Pro plans to open a 70,000 square-foot Outpost location in Hermantown, MN, just west of Duluth. This will be the Company's fifth store in Minnesota and first in the Northeast part of the state. It is expected to open in 1H25.
The adjacent map shows the four existing Cabela's stores in Minnesota as well as the future Outpost location.
Alex Lee plans to shutter three stores by the end of August, including two Lowes Foods stores in North Carolina (Wilmington and Raleigh) and a Kj's Market in Moncks Corner, SC (see the adjacent map). The Company did not specify a reason for the closures, but noted that it is making changes as part of a "broader growth strategy."
As part of that strategy, Alex Lee is investing in new stores and remodels, saying it refreshed two Kj's Markets in Florence, SC over the last year. In addition, Alex Lee plans to renovate a Kj's in Lake City, SC in the coming months. Lowes Foods operates more than 80 supermarkets in the Carolinas. It recently opened a store in Aiken, SC, marking its debut in the Augusta, GA metro area. The banner has several openings coming up in Concord, Kannapolis, and Waxhaw, NC, and Indian Land and Lexington, SC.
A Colorado judge has issued an order that temporarily blocks the proposed merger between Kroger and Albertsons, granting the state’s request for a preliminary injunction. Kroger and Albertsons have agreed not to complete their merger until the state court rules on a lawsuit brought by Colorado’s attorney general seeking to permanently block the deal; the trial is scheduled to begin September 30, 2024.
This report is issued to the Subscriber for its exclusive use only and is compiled from sources which RetailStat, LLC (“RetailStat”), does not control and unless indicated is not verified. RetailStat, its principals, analysts, writers and agents do not guarantee the accuracy, completeness or timeliness of the information provided nor do they assume responsibility for the information reported herein nor for failure to report any matter omitted or withheld. This report and/or any part thereof may not be reproduced, and/or transmitted in any manner whatsoever. Any reproduction and/or transmission without the written consent of RetailStat is in violation of Federal and State Law.
