Citing declining foot traffic, Sally Beauty Holdings (Denton, Texas) has announced it will close approximately 350 stores beginning in December 2022 and two distribution centers in Oregon and Pennsylvania.
The beauty chain appeared to maintain healthy foot-traffic levels during the pandemic but is having a difficult time weathering inflation. Morgan Stanley analyst Simeon Gutman says the retailer is geared toward lower-income consumers, and those consumers are shifting spending to nondiscretionary purchases like gas and groceries.
