Grocery Outlet to Close 36 Stores in Overexpansion Fix

Grocery Outlet Holding Corp. announces the closure of 36 underperforming stores, representing about 6% of its locations, after expanding too quickly. CEO Jason Potter reveals that 24 of these are in the East, but the chain stays in every state with its 51 remaining Eastern stores already profitable and posting 3.3% comparable sales growth last quarter. The move promises an annualized adjusted EBITDA boost of $12 million and profitability across all markets. Read more about this...