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Many of us turn to Sally Beauty when we wantSalon -shaped hair without the high price. This beloved beauty chain sells professional beauty products to everyone, making it a must for people who prefer to color their hair or make nails without breaking the bank. But your next home dye work or DIY manicure could now be in danger. Sally Beauty has just announced that she is closing 350 of her stores, from next month. Read the rest to learn more about the next mass closure of the beauty retailer.

Read this then:This 70 -year -old retailer goes bankrupt and closes all the locations.

Sally Beauty did not have an easy year. The Safegraph data company shows that while Sally Beauty SupplyPedestrian traffic was constant More than 100,000 throughout 2021, he fell in May this year and continued to drop, Glam reported. In August, the retailer saw a total of approximately 89,500 store visits, which is a "drastic drop in buyers" compared to last year, according to the beauty-action press.AE0FCC31AE342FD3A1346EBB1F342FCB

Morgan Stanley analystSimeon Gutman ToldBarron this large partThis decline has to do with inflation. According to Gutman, Sally Beauty is mainly aimed at low -income consumers who are particularly affected by an increase in inflation and have therefore moved their expenses to necessities such as gas and grocery store.

"When we think of how the customer has the adjustment, which we don't see them doing is choosing not to buy a color tube or a bottle of shampoo I will spend and I'm just a little More economical with this total amount of silver, "Sally Beauty CEODenise Paulonis explained during a call for results in August.

Now, the beauty company seeks to meet these challenges with a new tool: closings.

Mother company Sally Beauty Holdings Inc.published a new report On November 10, detailing the financial results of its 2022 fiscal year, which ended at the end of September. According to the report, the company's consolidated net sales fell 1.5% for the year.

In a statement, Paulonis said that the company would perform three strategic initiatives while they enter the year 2023 to improve its financial performance. One of these initiatives is to increase the efficiency of the operations of Sally Beauty Holding Inc., which includes the transformation of its retail imprint.

"The company is accelerating its store optimization plan, including the closure of around 350 stores," said the new report. Most store closings will be Sally Beauty locations in the United States, and the majority will start to close in December 2022. There are currently a total of 3,439 Sally Beauty Supply stores overall, but the company did not Disclosed what exact locations will closure down.

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We have already lost Sally Beauty Supply stores in 2022. The company has closed around 110 of the retailer stores in the past year, and several have been located in the United States in June, a location of Sally Beauty Supplypermanently close In Macomb, Illinois, theMcDonough County Voices reported. And in Virginia, one of the store stores in Gloucesterfall this fall, according toChronic peninsula.

"During the last quarters, the company piloted store closings on various markets in order to maximize the value of its large store portfolio and provide seamless omnichannel experience to its customers," said Sally Beauty Holdings Increte . In his new report.

The company has chosen to move forward with the closure of 350 locations as part of its store optimization plan based on positive recovery rates and better profitability "in these markets where more store closings small ones were controlled.

Sally Beauty not only closes stores either. According to his report, two of the company's facilities also get the ax. "The company will also optimize its supply chain by closing two small distribution centers in Oregon and Pennsylvania and transferring volumes to larger distribution centers, effective in December 2022," said Sally Beauty Holdings Inc.

Overall, the beauty company expects to save around $ 50 million in expense with its optimization plan, as well as to increase its comparable sales. "We remain encouraged by the rebuilt foundation of the company and are delighted with the potential of our new strategic initiatives," said Sally Beauty Holdings Inc. "While we take advantage of these forces, we also expect the External environment remains difficult to closer, including inflationary pressure which has a negative impact on the purchasing behavior of consumers and has also resulted in an increase in labor costs. "