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This month, two businesses closed in downtown Madison — a Carvel ice cream shop on Main Street and a women’s clothing and accessories store called Stitch Boutique on Waverly Place.
The closures were first reported by TAPinto Madison, a local news site, which cited notices on store windows announcing the closures.
“After eight wonderful years of business, I’m sad to announce that Stitch Boutique will be closing its doors,” owner Caitlin Rinaldi said in a Facebook video. The last day of business was August 17, according to Facebook posts.
Rinaldi explained in the video that she had previously moved to Austin, Texas, to care for her two children, and that her mother-in-law, Jennifer, had taken over some of the day-to-day responsibilities.
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“We both agreed that we were ready to take a step back and focus more on our family in the next chapter of our lives,” she continued.
Calls to both companies went unanswered, as did emails to Stitch and Carvel’s parent company.
This year more stores were closed than opened
Its end comes at a time when more businesses are closing than opening nationwide for the first time in two years, at a time when interest rates have risen and driven up costs for businesses, leading companies to hire fewer employees and hold off on new construction.
Big Lots is closing a store in Woodbridge, New Jersey. Up to 600 Family Dollar stores in the U.S. will close in 2024, according to an announcement earlier this year. Stop & Shop is closing 10 stores in New Jersey.
Pharmacy chain Rite Aid has closed more than 40 New Jersey stores since filing for bankruptcy last fall. Bob’s Stores has closed its only store in Freehold, New Jersey. LL Flooring’s bankruptcy will result in the closure of three New Jersey stores.
Discount gym chain Blink Fitness has also filed for bankruptcy amid difficulties navigating the post-COVID fitness market and plans to close 10% of its stores.
Interest rate cut likely
On Friday, US Federal Reserve Chairman Jerome Powell gave the clearest signal yet that the central bank intends to begin cutting historically high interest rates in September.
“It is time to adjust policy,” Powell said Friday at the Fed’s annual symposium in Jackson Hole, Wyoming. “The direction is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook and the allocation of risks.”
“While the task is not yet complete, we have made great progress toward that outcome,” he said. “My confidence has grown that inflation is on a sustainable path back to 2 percent,” which is the Fed’s inflation target.
This article contains information from USA Today
Daniel Munoz covers business, consumer affairs, labor and the economy for NorthJersey.com and The Record.
E-mail: [email protected]; Twitter:@danielmunoz100 and Facebook
