Welcome back, people. We know you’re responsible citizens, but just in case it slipped your mind, your taxes are due today. That really doesn’t have anything to do with the retail happenings of the world, but we figured a heads-up would be appreciated. Let’s dive into those happenings, all of which coincidentally are on Friday.
In closings: 99 Cents Only has filed for Chapter 11 bankruptcy and will wind down its operations. The close of business this Friday is the last day the chain will accept merchandise credits and gift cards.
Inflation, the pandemic, and changing consumer demand are some of the recent challenges 99 Cents Only faced ahead of its demise.
The next step will be to shed its 333 leases and 44 owned properties.
“This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” interim CEO Mike Simoncic, who is stepping down, said in a statement. “Unfortunately, the last several years have presented significant and lasting challenges in the retail environment.”
In earnings: Procter & Gamble will report its Q3 earnings on Friday. The CPG behemoth had a so-so Q2, during which revenue increased 3% YoY. Consumers have pulled back on purchasing P&G products in response to price hikes.
Those increases have helped keep margins steady for Procter & Gamble, but some analysts have speculated that the company may start to ease up on prices.
In openings: REI is opening a new location in Beaverton, Oregon, on Friday after closing a store in Portland’s Pearl District in February. The nearly 40,000-square-foot store will be REI’s largest in Oregon.
“Our location is full service in every way—from the largest gear and apparel assortments sold by REI in the state to the region’s top bike and snow shop mechanics to a knowledgeable sales team,” new store manager Dacia Stockton told KGW8.
Earlier this year, REI announced plans to open 10 new stores in 2024. The company has also undergone recent layoffs, including letting 357 employees go ahead of what CEO Eric Artz said would be a “challenging” year.