Save Newport Real News in Newport Beach
Just hours ago, Haggen announced that it was closing all California, Nevada, and Arizona stores after having filed for bankruptcy protection. You may recall that at the very end of 2014, Albertsons in Corona del Mar got a major end-of-year change, as it was bought by the Northwest food retailer.
At the time, Haggen announced that it would be purchasing 11 stores in OC, including Corona Del Mar, Irvine, Laguna Beach, Laguna Niguel, Mission Viejo, Trabuco Canyon, Ladera Ranch, Tustin and Yorba Linda.
Industry analysists have estimated that the expansion into the Southwest cost the company $1.4b for the 146 stores, including Albertsons, Vons, Pavillions, and Safeway– making a massive leap from their mere 18 stores that simply did not work out for the company.
As of right now, the future of the CdM store is unknown, but most believe that with such a massive store, inventory, location, and internal equipment, that it will remain a grocery store– even if it is closed for a few months.
Time will tell, but just as the McDonalds closing on the peninsula is a reminder– if these giant chains can’t make it here, imagine how hard it is on our local businesses. Check some out this weekend– and maybe visit one or two that you haven’t before!
