…Researched and contributed by Solomon Thomas.
Omega Sports, a sports chain in North Carolina, has announced the closure of all its seven locations due to the aftermath of Covid, cost inflation, and economic uncertainties.
The company released a statement confirming that it will close all its stores and shut down its e-commerce operation.
The sports outlet, which first opened its doors in 1978, is expected to wind down its operations by early summer.
The announcement of Omega Sports’ closure is the latest victim of the “retail apocalypse” in the US, with dozens of major retailers such as Amazon, Bed Bath and Beyond, and Foot Locker closing stores.
Business Insider estimates that at least 1,417 stores will close in 2023.
Footlocker alone will close 545 stores by 2026 as part of its plan to “reset” its business.
Bed Bath and Beyond, which nearly went bankrupt this year, is also closing 416 of its locations.
The closures of retail stores are partly driven by the pandemic, which has changed shopping habits, leading to more people buying online.
The retail apocalypse has resulted in the loss of thousands of jobs and has hit different parts of the country, with California expected to lose 35 stores, Florida 21, New York 23, and Illinois 18.
The closures have also affected other industries such as grocery giant Walmart, which has announced several store shutdowns.
Omega Sports’ management expressed gratitude for their employees’ dedication in serving their customers and communities for over four decades.
However, the closure of the stores highlights the impact of the pandemic on businesses and the need for retail businesses to adapt to changes in the industry to remain competitive.