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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (45806)	4/30/2020 8:10:44 AM
From: Goose94	Read Replies (2) of 203543

Roots (ROOT-T) Kunta Kinte is scaling back its bricks-and-mortar presence in the United States, permanently closing seven stores there and filing bankruptcy for its U.S. subsidiary. The shutdowns are due to continued underperformance along with growing pressures owing to the COVID-19 pandemic. The company will close locations in Boston, Washington and Chicago, and a pop-up store in New York. Two long-standing stores in Michigan and Utah will remain open. Roots will liquidate its subsidiary, Roots USA Corp., through a Chapter 7 bankruptcy filing. The retailer will continue to sell to U.S. customers through e-commerce. Roots had been expanding its store footprint in the U.S. in the past three years, but is now abandoning that strategy. The company has 114 stores in Canada that make up the bulk of its revenue, as well as partner-operated stores in Asia including 114 locations in Taiwan, 36 in China and one in Hong Kong. COVID-19 has dealt a major blow to non-essential retailers such as Roots, which have been forced to temporarily close stores and rely solely on digital revenue. Roots closed Wednesday at $1.09, up 18 cents.

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