By Fernando Haro and Rachel Barnes
Source: Patch
Grocery giant Kroger announced plans to scale back on brick-and-mortar locations this year, with roughly 60 stores set to close over the next 18 months.
In Kroger’s first quarter earnings report, which was released on Friday, the nation’s second-largest grocery chain behind Walmart said it recognized an impairment charge of $100 million related to the planned store closings. The company expects a “modest financial benefit” after the closures, the company said.
“Kroger is committed to reinvesting these savings back into the customer experience, and as a result, this will not impact full-year guidance. Kroger will offer roles in other stores to all associates currently employed at affected stores,” the company said in a statement.
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