Earlier this year, Kroger came under fire when a Consumer Reports study alleged that the grocery chain was overcharging its customers. Following that explosive finding, it’s less surprising that the company has now announced plans to downsize. As part of the company’s first quarter earnings report, Kroger announced that it will be closing approximately 60 of its store locations across the country over the next 18 months.
“In the first quarter, Kroger recognized an impairment charge of $100 million related to the planned closing of approximately 60 stores over the next 18 months,” stated the report. “As a result of these store closures, Kroger expects a modest financial benefit.” The company goes on to explain that it plans to reinvest these savings back into the customer experience and will offer roles in its remaining stores to the affected employees at the stores that will be shuttering.
The report does not disclose which locations are on the chopping block, but we can assume that they will target underperforming locations. The store closures come at a time when Kroger is looking to streamline its operations and invest in its key areas of growth—eComm sales, fresh food sales, and its pharmacies.
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