I was at the See's on Los Gatos Blvd in the Trader Joe's shopping center today and was told by staff that their last day would be this Sunday... i.e., Mother's Day. The store is closing permanently.
I was told their rent was going from $13K/mo to $16.5k/mo. Negotiations apparently had been going on for 9mos but the landlords didn't budge. On top of that, the workers aren't getting severance and they must reapply if they want to work at another location, no facilitated transfers. Some workers apparently worked there for 30 years.
I don't know how long it's been since the rent went up, but a single hike of 27% to an existing tenant is, on the surface, at least unreasonable. For See's part, if you can't show some appreciation for a 30-yr employee, it's hard to feel good about buying your product...