BOSSES of a furniture chain have announced it is set to close one of its stores in a US city within weeks.
Couch Potatoes execs have revealed an outlet in South Austin will shut by the end of the month.
The chain has been a staple in the Texas city for over a decade, but it is closing a third of its locations.
But bosses have stressed it’s not a farewell.
Chiefs have revealed why they’ve taken the decision to shutter the outlet.
“We’re closing our South Austin location as part of a strategic decision to adapt to the evolving retail landscape in Austin,” they said in a statement posted on the website.
“For 15 years, we’ve been dedicated to serving all of Austin and the surrounding areas, and that commitment remains.
“Consolidating our operations ensures we can continue providing the high-quality furniture and service you love.”
An everything-must-go sale has been launched.
They urged shoppers to stay tuned.
They also told loyal fans to continue using the chain’s website and other stores.
Couch Potatoes has two other locations in north and central Austin.
The chain is not the sole furniture retailer that has been closing down locations in recent months.
Bosses of American Freight filed for bankruptcy in November and are in the process of closing all 328 locations.
Execs revealed shoppers can take advantage of discounts in-store and online.
The prices of items have been slashed by up to 30%.
US braces for '45,000 store closures'
Some 45,000 bricks-and-mortar stores could close in the next five years, experts have warned.
Several major retailers have announced store closures or gone out of business altogether in recent years.
Chains such as Foot Locker, Sally Beauty, Tuesday Morning, Shore City, Z Gallerie, and Mitchell Gold + Bob Williams have all gone out of business.
Bed Bath & Beyond has closed all of its brick-and-mortar stores and is now an online-only retailer.
The most affected retailers have been clothing, consumer electronics, sporting goods, hobby, book, music, and home furnishing stores since the start of 2019.
UBS has predicted the total number of retail stores will drop by 45k from 958k to 913k.
Despite that, the report says that certain stores should thrive while others decline.
It said retailers such as Walmart, Costco, Home Depot, and Target, could be among the winners.
The sales mean shoppers can snag furniture and appliances such as refrigerators for a fraction of the price.
“Everything is on sale and must be sold, and we recommend shopping early for the best selection,” Ian Fredericks, the CEO of Hilco Consumer-Retail, warned.
Chiefs announced stores would close after grappling with economic challenges such as inflation.
American Freight is winding down its operations after more than 30 years of business.
And, last summer, bosses at Conn’s Home Plus filed for bankruptcy after more than 100 years of business.
Chiefs revealed that the company’s 170 stores would go to the wall as part of the bankruptcy.
How does bankruptcy work?
Bankruptcy is a specific legal process that helps companies eliminate debt they can't repay.
The process allows businesses to start fresh and gain access to new credit.
Supervised by federal courts, bankruptcies allow a company to sell off its assets more easily to pay off creditors, according to Investopedia.
Chapter 11, a common process for companies, is used to restructure a business with the goal of remaining open – even if it means selling off most of the company’s properties.
Chapter 7, on the other hand, sells all of a company’s assets, putting it out of business.
Chapter 15, alternatively, allows for collaboration between American and foreign courts to conduct bankruptcy proceedings with “parties of interest involving more than one country,” per the United States Courts.
GettyBut, bosses have said the company is not going out of business[/caption] Read More Details
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