Croger will close dozens of stores before 2027
Peter Schiff and Andy Brenner join Liz Kraman on “Craman Countdown” to discuss the latest state of the US economy
US Grocer Kroger plans to close dozens of stores by the end of next year.
Giant Cincinnati Base Grocery Store Chain It was announced on Friday. It operates thousands of supermarkets and pharmacies across the country and plans to close 60 stores in the next 18 months, according to its first quarter revenue report for 2025.
The report said the company’s profits “we exceeded our expectations,” but Director Ron Sargent said in a revenue call that the company has considered areas that are meaningless for future growth and decided that by closing stores it would “make the company more efficient.”
“Unfortunately, not all of our stores today provide the sustainable results we need,” Sgt. Gen. said Friday. “We are announcing plans to close around 60 stores over the next 18 months to position us for success this morning.”
Kroger throws the latest punch in a legal battle with the Albertsons
Customers will pass a frozen food aisle inside the Kroger grocery store in Louisville, Kentucky on June 14, 2017. (Luke Sharrett/Bloomberg/Getty Images)
The closure cost Kroger $100 million in impairment, according to the report.
However, as a result of the closure, the company is “hoping for modest financial gains” and is planning to reinvest its savings into the customer experience. No losses expected It will affect year-round guidance.
Viral Video Force Roger Pulls Controversial June Holiday Cake
Employees will press their shopping cart towards the Kroger Store in Peoria, Illinois on June 16, 2015. (Getty Images/Daniel Acker via Getty Images/Bloomberg)
Kroger told Fox News Digital that the company will not publish a list of which locations will be affected at this time.
Kroger currently employs around 410,000 associates across the US (Getty Images/Getty Images)
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| KR | Kroger co. | 71.97 | +6.45 |
+9.84% |
All employees of the closing store will become Work provided elsewhere, according to the report. Kroger currently employs nearly 410,000 peers nationwide.
Click here to get your Fox business on the go
Total company revenue was $45.1 billion in the first quarter, compared to $45.3 billion in the same period last year.