MEMPHIS, Tenn. (WMC) - The Save-A-Lot located in the Binghampton Gateway Shopping Center is set to shut down by the end of June.
The store is located on Tillman Street and Sam Cooper Boulevard, and it’s the only grocer in the area.
A lot of businesses have been struggling during the coronavirus pandemic, but many grocery stores have been seeing an increase in sales.
Greg Akers, Editor-in-Chief of the Memphis Business Journal, said the store’s closure has nothing to do with COVID-19.
“This has to do with Save-A-Lot as a chain. They’re based out of St. Louis and they seem to be in some financial trouble. They have some cash flow problems. They’ve raised a lot of money, they’ve tried to cut some debt,” said Akers. “And this Binghampton location is not the only one that they’ve closed.”
Binghampton residents will now have to take some sort of public transportation to get to food in the meantime, since the area is considered a food desert.
“The Binghampton Development Corporation, which owns that shopping center, they’re already in negotiations with another chain ... to try to get another operator in there,” said Akers.
You can find this story and more online at MemphisBusinessJournal.com.