This Beloved Pet Store Is Closing All U.S. Locations
This company is closing all 358 stores in the U.S. and online sales have already shut down.
Businesses from major mall chains to local coffee shops have been shuttering amid the pandemic, and the latest store to succumb to the current economic climate is particularly sad news for pet parents. Pet food and supply chain Pet Valu has announced that it is closing all of its stores and warehouses across the U.S., CNBC reports. Read on for more on the company's closures, and for other big news dog owners need to know, check out The FDA Just Recalled 25 Popular Dog Foods for This Terrifying Reason.
Pet Valu's 358 locations, which are mainly located throughout the Northeast and Midwest—along with the Pet Valu offices in Wayne, Pennsylvania—are closing. The company is no longer accepting online orders and in-store liquidation sales have already begun. Pet Valu's shutdowns do not apply to existing stores in Canada.
"The company's stores have been significantly impacted by the protracted COVID-19-related restrictions," Pet Value chief restructuring officer Jamie Gould said in a statement. "After a thorough review of all available alternatives, we made the difficult but necessary decision to commence this orderly wind down."
The company also announced that its Pet Points Plus Program will continue through Nov. 21, 2020 and customers are encouraged to redeem any rewards by Dec. 13, 2020. However, Senior's Day and Military Day discounts are no longer available.
COVID-19 has affected pets in many ways since the pandemic began. Research in June from the American Pet Products Association found that pet ownership and spending on pets was growing, with 72 percent of owners saying that spending time with their pet was helping to reduce their stress levels during the pandemic. Larger companies like Petco, Chewy, and PetSmart have seen a boost this year, but Pet Valu was not so lucky. Read on for other companies that have shut down stores, and for more news that affects pet parents, check out Petco Just Took This Controversial Product Off Its Shelves.
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Columbia Sportswear, which has been in business for 82 years, suffered low earnings recently, forcing multiple locations nationwide to close. The company's underwhelming third quarter saw revenues drop by 23 percent, falling more than $65 million short of its $767 million forecast. Tim Boyle, president and chief executive officer of Columbia, attributed the drop to a dramatic fall in numbers of in-person shoppers with the ongoing restrictions around COVID-19. "We have not seen a sustained improvement in brick-and-mortar store traffic to date," Boyle said in a statement. "We continue to evaluate portfolio and anticipate closing additional underperforming stores." While there is no news yet which stores will close and how many, Columbia Sportswear has already recently closed eight locations across the U.S. And for another recent retail story that you should know about, check out This Beloved Restaurant Chain Just Filed for Bankruptcy.
Carter's, the children's brand that also owns OshKosh B'Gosh, announced in late October that it would be shuttering 200 stores. In the announcement, the company's CEO said approximately 60 percent of the closures will be complete by the end of the year. And for another beloved business in your life that's in danger, check out Your Starbucks Could Be One of the 800 Closing for Good.
The weak link at Gap Inc. is clearly Banana Republic. The brand accounted for just 15 percent of the company's total 2019 sales, and, as a result, Gap Inc. announced that it would be closing down 130 Banana Republic stores by the end of 2023. And for another store that's disappearing this year, check out This Cult Favorite Store Is Closing All U.S. Locations.
Gap Inc.'s namesake brought in 28 percent of the company's 2019 sales, which means it's also not safe from closures. The company's CEO recently announced that a third of Gap locations in North America—which comes out to 22o stores—will shut down by the end of 2023. And for another fashion staple that's seeing locations close down, check out This Popular Clothing Chain Just Announced It's Closing 250 Stores.