Two Major Retailers Closing All Locations In The Permian Basin

2024 has not been a good year for storefront retailers. The year has so many stores either closed some of their locations or filed for bankruptcy. Unfortunately, two more have announced that they will be closing all their locations in Texas and the US.

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PARTY CITY

According to CNN, after almost 40 years in business Party City is shutting its doors. The news was broken to corporate employees the day of. The staff was told that it would be their last day and to start "winding down" operations immediately.

To add salt to the wound the employees were also told that they would not receive severance pay, and their benefits would end as soon as the company goes out of business. What a way to break it to your employees.

All stores are set to be closed at the beginning of 2025.

BIG LOTS

Texans were hoping that Big Lots would be saved when a planned merger was in the works. Unfortunately, the merger fell through, and it looks like Big Lots will close all of its stores across the country.

The merger with Nexus Capital Management came to a halt and changed everything for the discount giant. Big Lots originally planned to close 300 of its 1,400 stores in the US, but it now will most likely close all of them.

There is a small chance that Big Lots can be saved if it finds a partner and possibly saves some or all of the stores. Until or if that happens, it looks like we will start seeing the close-out sales happening here in the Permian Basin.