Grocery giant Kroger plans to close two stores in Seattle after the city passed a $4-an-hour hazard pay mandate for grocery workers. The local officials and worker advocates are riled up over it, pointing to the company’s booming sales as the pandemic continues to claim more than 2,000 lives a day.
Kroger has been more profitable this year than in the past due to strong demand during the pandemic. The Kroger Co. posted virtually flat overall sales in the fiscal 2019 third quarter and fell short of Wall Street’s earnings projection. They can turn around at any time because of their extremely small profit margins.
They are closing the Seattle stores because the hazard pay would raise costs at the two Quality Food Centers (QFC), which were already underperforming.
“Unfortunately, Seattle City Council didn’t consider that grocery stores — even in a pandemic — operate on razor-thin profit margins in a very competitive landscape,” the company said in a statement. “When you factor in the increased costs of operating during covid-19, coupled with consistent financial losses at these two locations, and this new extra pay mandate, it becomes impossible to operate a financially sustainable business,” The Washington Post reported.
The Left doesn’t understand how things work. That is why they want to control everything. They would keep failing stores open until the entire chain went down.
Remember when people were happy to have a job during this pandemic?
The city of Seattle passed a $4 an hour hazard pay mandate for grocery workers. Since Kroger is in the business of making a profit with a small profit margin, they would do better shutting down stores.
Bernie Sanders, who appears to have no understanding of how economics works, called this “the height of corporate greed.”
That’s because, as a communist, he has no clue. Capitalism has given the greatest rewards to the greatest number of people of any economic system that ever existed. What we now see forming with Democrats is an unholy alliance of big corporations, big tech, big unions, and the Democrat [socialist] party. They are doing it for power. That is not capitalism, It’s crony capitalism, otherwise known as crony socialism.
This is the height of corporate greed. The owners of Kroger choose to shut down stores instead of simply paying the workers risking their lives who make their corporate profits possible. Absolutely despicable.https://t.co/oFjbKuuTMM
— Bernie Sanders (@BernieSanders) February 18, 2021
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Here is an idea if theparents friggin city and democrats think it’s so profitable they can buy the stores and pay the workers more! Dumb and dumber.
Venezuela Just announced that Socialism does not work. They are privatizing many of the business they have been controlling.
Shhh…don’t tell the comrades but Kroger recorded record annual profits thanks to the Plandemic. It’s that capitalism thingy. Locally we have about 5 in a ten mile radius and if you don’t like the prices at one just to go another. (capitalism) They are raising prices across the board and a simple London roast is now $20! They are based… Read more »
Kroger goes all the way to Alaska known as Fred Meyers. Beef prices are out of sight. I can only afford to buy hamburger unless there’s a sale on. This is blamed on shortages due to the china virus. Workers out sick, closing meat packing plants, shipping costs and whatever excuse they can come up with. I think ranchers cut… Read more »
Ranchers seem to be stupid because they get the same low prices for feeder cattle they did decades ago while all input costs are far higher than decades ago. You’d think they would sell direct to the customer, not be greedy and sell it just for a decent profit well below the packing cartels, and put together a few packing… Read more »
The beef producers, like,me, do not see ‘high prices.’ We’ve taken culls to the city several times in the past year, and the price is no higher than the average price over the past five years. Or not much anyway.
So, who’s getting the gravy? All those wonderful middle-men.
so why can’t the beef associations get together and limit supply to force them to pay more. Honestly any beef other than ground beef in the grocery is almost unaffordable, special occasion type food to purchase. If you did limit supply would the food packers and grocers just pass on the cost? I’m now curious what the profit margin is… Read more »
Grocer makes ~30% profit on meat products, a penny on the dollar for all dry goods, frozen food & produce sales
Can you say ‘Venezuela’?
One more step closer to total societal collapse. Ammo up!
We are now in an era of massive interference in private commerce. That is communism.
2000 people are not dying a day. It is just another flu/cold. They count pneumonia and many other things as COVID deaths.
All deaths, even car accidents are now COVID deaths because the hospitals and such get more money if they say it’s COVID
Since Kroger is in the business of making a profit with a small profit margin………. That is the entire problem, PROFIT! To leftists, aka communists, profit is a dirty word. All business should be owned by the central government and everybody should just work for chump change, just enough to get by on while the politicians and politically connected live… Read more »
Leftists are so spiritually blinded they can’t even make sense of the failure of 75 years of Soviet communism or of the experience of the Pilgrims. They also say “what’s yours is ours” and piss on “Thou shalt not steal” and “Thou shalt not covet”.