Posted on 06/02/2024 7:25:39 AM PDT by lowbridge
One of the best-known grocery chains in the Northeast announced it's closing an unspecified amount of stores.
Yet another business with ties to New York is closing multiple locations. The news follows what can only be described as a landslide of abrupt closings.
Retro Fitness in Yorkville ceased operations on May 22, a few days after Wheelock Rides out of Syracuse took its final bow. Not only that, Freihofer's bakery shut its doors for good after 140 years, including its Verona location.
And, just yesterday, BNY Mellon announced it's shuttering its Oriskany Business Park location.
These local closures come as national chains like Red Lobster and Applebees shut down several of their locations due to financial constraints.
The bad news keeps coming because now Stop & Shop, which has 100 stores in New York, will also scale down its portfolio.
The supermarket chain didn't reveal just how many stores will cease operations, but the chain did confirm the stores slated for closure have been earmarked for underperformance. A spokesman said the company wants to ensure a "stable and thriving future" by focusing on core markets.
No information was provided as to when these grocery stores will blink out of existence.
(Excerpt) Read more at wibx950.com ...
I’m sure the craziness of the situation in NY State has a lot to do with all these closures, I wonder if this is just the canary in the coal mine, starting in NY because of bad politics but spreads to other similar states and finally to the rest of the country as a whole due to the bad economic policies coming out of Washington.
The amount of debt not just in Washington but in the rest of the economy is off the charts, sooner or later that debt will be called in.
New York is falling apart.
I spent FRI liquidating NY and NYC corporate and tax free muni bonds from clients accounts. A+ or better Moody's/S&P ratings be damned. I put them into TEX ISD and MUD tax free bonds and other red state munis.
GOOD!! They are closing because of theft, but we MUST BOYCOTT EVERYTHING THAT ANY DEMOCRAT OWNS, RUNS OR HAS ANYTHING TO DO WITH THE COMPANY!!
Seems to me large cities are falling apart.
Meanwhile much of new construction seems to be in the suburbs of cities.
“GOOD!! They are closing because of theft, but we MUST BOYCOTT EVERYTHING THAT ANY DEMOCRAT OWNS, RUNS OR HAS ANYTHING TO DO WITH THE COMPANY!!”
I’m in.
And there are STILL New Yorkers cheering Biden on.
Draw a circle around the New York chitty area and that would cover most of the closures.
$GME or nothing.
James Michael Curley, a four-time mayor of Boston, used wasteful redistribution to his poor Irish constituents and incendiary rhetoric to encourage richer citizens to emigrate from Boston, thereby shaping the electorate in his favor. As a consequence, Boston stagnated, but Curley kept winning elections. We present a model of using redistributive politics to shape the electorate, and show that this model yields a number of predictions opposite from the more standard frameworks of political competition, yet consistent with empirical evidence.
NYC is now the Bad Apple.
You’ll note all these closing shops are “low-end” and relatively low-cost outlets
IMHO America’s economy is becoming feudalized, with a few well-connected elites running the empire, while average people with limited options become poorer.
It an economic phenomenon as old as time - fiat money debasement, inflation, increasing government central-planning leading to cronyism, Cantillon effects.
Quincy, Massachusetts based Stop and Shop. Elizabeth Warren was not available for comment.
“Smart people are getting out of NY.”
We put our NY house on the market a few days ago. Moving to Arizona where our vote might make a difference.
When I retired two years ago and rolled over one of my retirement funds to an IRA, I instructed my investment adviser that I did not want any of my money in Municipal or state bonds.
The crash is coming and I believe it is coming soon.
Government has been mismanaged for far too long and the retirement funds are so far in the red that they will be collapsing soon.
LOL
“Rotten Apple”
I wonder what the impact of that verdict does to businesses as well. It has to send a chill through all of them, because who knows how a business might be impacted by states that operate upon whims.
You can’t make money if the community you serve overtly tolerates petty larceny and almost never arrests felons.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.