(LOOTPRESS) – The Kroger Co. announced plans to close 60 stores in the coming months as part of its first-quarter earnings release.
The company said it “recognized an impairment charge of $100 million related to the planned closing of 60 stores over the next 18 months.”
Despite the closures, Kroger assured investors that stronger sales growth is expected from the stores that remain open.
“Kroger is committed to reinvesting these savings back into the customer experience, and as a result, this will not impact full-year guidance,” the company said.
Kroger also stated that employees at stores set to close will be offered jobs at other Kroger locations.
There are around 2,700 Kroger stores nationwide.
