Popular restaurants, retailers struggling as income gap grows

(WTNH) — A once popular retailer is shutting down all of its stores. Plus the income gap between the rich and the poor is getting bigger.

Eight men, including Bill Gates and Facebook’s Mark Zuckerberg, now own the same amount of wealth as the poorest half of the world, according to a new study by Oxfam. It finds the gap between the super rich and the poor is far greater than just a year ago. The world’s 10 biggest corporations together have revenue greater than the 180 poorest countries combined.

McDonald’s is facing a growing threat from convenience stores such as 7-11 and Circle K. According to a report by nation’s restaurant news, the convenience stores are offering more prepared foods.
Those stores are cheaper where the typical purchase costs two dollars less than at fast food chains. They also have other advantages such as more menu offerings in addition to other products like gas and groceries.

American Apparel also plans to close all 110 of its retail stores by the end of April. More than 3,000 employees could also lose their jobs.
The once popular retailer filed for bankruptcy in 2015 and again, in November of last year. The brand, however, is not expected to disappear. It could be sold in other chains like Target or Kmart.

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