PHILADELPHIA (KYW Newsradio) — Grocery Outlet Bargain Market, a California-based grocer with stores across the Philadelphia region, is closing 36 underperforming stores nationwide, including some in Pennsylvania and New Jersey.
The locations closing in Pennsylvania include the store on Oregon Avenue in South Philly and Welsh Road in the Northeast. In Kennett Square, the Scarlet Road location will close.
In South Jersey, the stores slated for closing are in Sicklerville, Mays Landing, Delran, Gibbstown and Rio Grande.
In the company's latest financial report, it cited the closures as a cost-cutting effort after expanding too quickly. It also said changes to SNAP benefits have impacted Grocery Outlet's core customer base.
The company is publicly traded. Market experts say Vanguard and BlackRock are the largest shareholders. Earlier this week, MarketBeat reported that Vanguard recently cut more than 2.5% of its shares.
The closures will take place over the current fiscal year. Stores in California, Ohio, Idaho and Maryland are also closing.