This Popular Retail Chain Is Closing Stores, Starting Nov. 12
The company previously announced restructuring plans in 2020.
Whether searching for new home goods or grabbing groceries, shoppers have been thwarted at every turn over the past few years. Bed Bath & Beyond announced in August that it would be taking the axe to 150 stores across the U.S. And popular grocery store chains like Kroger, Whole Foods, and Sprouts Farmers Market have all closed several locations. But now, consumers looking for a different kind of product are going to be left with fewer places to shop soon. Read on to find out which popular retail chain is closing stores, starting next month.
READ THIS NEXT: This Popular Retail Chain Is Closing Stores, Starting Oct. 29.
More stores are opening than closing these days.
Retail closures are on the mend right now. On Oct. 4, the Wall Street Journal reported that U.S. retail vacancy fell 6.1 percent in the last quarter, which is the lowest it's been in at least 15 years, per real-estate services firm Cushman & Wakefield. And a report from financial services company Morgan Stanley found that there were more stores opening than closing in the U.S. in 2021 for the first time in 26 years, according to the newspaper.
"Bricks-and-mortar store owners are emerging from the pandemic with surprising strength, posting some of their best numbers in years and plotting expansions as more Americans venture out to buy things again," the Wall Street Journal explained. "The retail real-estate industry's turnaround reflects a wrenching, decadeslong adjustment that included hundreds of retailer bankruptcies, widespread vacant storefronts and plummeting demand for enclosed malls."
But at least one retailer is not quite ready to join the turnaround, as it has just confirmed upcoming store closures.
One popular retail chain is closing locations soon.
Shoppers may soon need to start looking elsewhere for their office supplies. Office Depot is gearing up to close stores soon, according to various news reports.
On Oct. 6, a company spokesperson confirmed that a location in Bozeman, Montana, is permanently closing, the Bozeman Daily Chronicle reported. Prior to this, the Northwestern Washington radio station KSQM reported in September that the Office Depot in Sequim, Washington, is set to be shuttered soon as well.
Both Office Depot stores have already started liquidation sales.
A company spokesperson told the Bozeman Daily Chronicle that the Bozeman store in the Stone Ridge Plaza will close for good on Nov. 12. Meanwhile, it has not been reported when the last day of business will be for the Sequim location. That Office Depot store was already advertising going-out-of-business deals for shoppers as early as Sept. 19 to clear out inventory, according to KSQM.
But a liquidation sale has also been taking place at the Bozeman location since Sept. 15, the Bozeman Daily Chronicle reported. As of Oct. 7, the Sequim store is still listed as open on the company's official website and on Google.
Office Depot has not provided an explanation for the closure of either location. Best Life reached out to the company for comment, but has not yet heard back.
Office Depot has already shuttered hundreds of stores.
The ODP Corporation, which is the parent company of Office Depot, reported in its most recent financial results that its retail division sales were down 11 percent in the second quarter of 2022 compared to last year. This was driven by a loss of 71 retail locations "as a result of planned store closures," according to the company.
In 2020, Office Depot announced that it would be closing an unspecified number of stores across the U.S. by the end of 2023 as part of a restructuring plan to "realign" its operational focus and improve company costs. At the time, the retailer said it was "still evaluating the number of potential retail store and distribution facility closures, as well as the timing of any such closures." No specifics were announced, but a total of 263 Office Depot stores were shuttered from 2020 through 2021.