In a move that reflects the growing economic difficulties faced by businesses across the United States, two Chicago-based grocery chains, Dom’s Kitchen & Market and Foxtrot Market, have announced the immediate closure of all 35 of their stores, just six months after announcing merger plans, according to a report from ABC News.
The company has roughly 1,100 workers who are now unemployed.
The decision, effective April 23, 2024, is the latest in a string of business bankruptcies and closures that have become increasingly common as the economy continues to weaken.
Dom’s Kitchen & Market, a pair of upscale grocery stores, and Foxtrot Market, a high-end convenience store chain, had previously announced their merger under the new entity Outfox Hospitality in November.
However, despite their efforts to consolidate and adapt to the changing market conditions, the companies have ultimately decided to close their doors.
The closure affects a total of 35 stores, including both Dom’s locations in Chicago and all 33 Foxtrot stores across Chicago, Texas, and the Washington D.C. area.
All Foxtrots closed pic.twitter.com/w0hDzUBhq8
— Mary Ann Ahern (@MaryAnnAhernNBC) April 23, 2024
Effective immediately, all stores will cease operations, including delivery services, mobile apps, and store credit cards. Customers will also lose access to any account credits and member perks they may have accumulated.
In a statement on their website, the companies expressed their regret and gratitude to their customers and employees.
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“It is with a heavy heart that we must inform you of a difficult decision we have had to make. After much consideration and evaluation, we regret to announce that Foxtrot and Dom’s Kitchen & Market will be closing their doors starting on April 23, 2024,” the statement read. “We explored many avenues to continue the business but found no viable option despite good faith and exhaustive efforts.”
The closure of Dom’s Kitchen & Market and Foxtrot Market is just one example of the many businesses struggling to stay afloat in the current economic climate.
As consumer spending declines and operational costs rise, more and more companies are finding it difficult to maintain profitability and are forced to make tough decisions, often leading to bankruptcies and closures.
As we have seen over the past weeks and months his trend is not limited to the grocery industry, as businesses across various sectors, from retail to hospitality, are grappling with similar challenges.
The fallout from these closures extends beyond the companies themselves, affecting employees, suppliers, and local communities that rely on these businesses for employment and economic activity.
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As the economy continues to weaken, it remains to be seen how many more businesses will face a similar fate.
