More Bidenflation casualties: Tupperware, Rue21, 99 Cents Only

by WorldTribune Staff / 247 Real News June 19, 2024

Tupperware, founded in 1946 as a way to keep food fresher longer, is one of the latest casualties of Bidenflation.

Tupperware announced last week that it is permanently closing its production plant in Hemingway, South Carolina, the company’s last operating production facility in the United States. All of the plant’s 148 workers will be laid off, the first in September, followed by others in waves through next January. Tupperware said it would continue to produce its products in a plant in Lerma, Mexico.

Tupperware is permanently closing its South Carolina production plant.

Last month, the teen apparel retail chain Rue21 filed for bankruptcy, announcing it was closing all 540 of its stores. The Pittsburgh-based retailer was in $200 million worth of debt and is laying off all of its 4,900 employees because of “under-performing retail locations … inflation and macroeconomic headwinds,” CNN reported.

In April, California-based discount retail chain 99 Cents Only filed for bankruptcy, stating “the last several years have presented significant and lasting challenges in the retail environment,” the Los Angeles Times reported. The retail chain is closing all 371 of its stores.

Earlier this year, former CEO of Home Depot and Chrysler Bob Nardell warned more layoffs were coming because high-interest rates are “killing” middle and lower-market companies, The Center Square reported.

Others closing stores this year include CVS Health, 7-Eleven, Rite Aid, Express, Walgreens Boots Alliance, Macy’s, The Body Shop, Soft Surroundings, Burlington stores, Foot Locker, Carter’s Big Lots, Dollar General, Abercrombie & Fitch Co., Big Lots, Best Buy and others, according to a CoreSight Research analysis.

U.S. drug stores and pharmacy closures led to 8 million square feet of shuttered retail space this year, CoreSight said.

Americans are also feeling the pinch in paying for car insurance, purchasing a home, and buying groceries.

Car insurance rates surged 26% nationwide in one year.

Potential home buyers in 2024 have needed 80% more income to purchase a home than they did in 2020, The Center Square reported.

The Wall Street Journal reported, citing high transportation, fuel, ingredients, services and labor costs all contributing to food manufacturers, grocery stores and restaurants keeping prices up, noted: “It’s been 30 years since food ate up this much of your income.”

According to a recent The Center Square Voters’ Voice Poll, conducted in conjunction with Noble Predictive Insights, inflation/price increases (45%) and the economy/jobs (24%) are top concerns among voters.

“Inflation is a high-ranking issue among Democrats and Republicans and True Independents,” David Byler of Noble Predictive Insights told The Center Square. “Every political group thinks this matters.”

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