H&R Block To Close 400 Locations: Will It Affect The Hudson Valley?
The accounting and tax preparation business is closing locations across the country.
On Tuesday, June 12, 2018, H&R Block announced they will be closing 400 locations nationwide. This comes after poor performance and a bad financial outlook for the remainder of 2018. According to Fortune, H&R Block stock's dropped 18%.
The article states that H&R Block lowered their 2019 revenue projections to just below $3.1 billion. Analysts expected the company to project revenue to hit $3.14 billion. H&R Block cited do-it-yourself tax software, President Trump's tax overhaul, and oversaturation as the reason for the closures.
H&R Block CEO, Jeff Jones, said that the company will be closing locations that are within 5 miles of another location. Fortune reports that much like Starbucks, H&R Block is oversaturated.
H&R Block has over 10,000 locations according to Fortune. These are all the Hudson Valley locations:
- Poughkeepsie (3)
- Hyde Park
- Red Hook
- Kingston (2)
- Newburgh (2)
- Wappingers Falls
- New Paltz
- Hopewell Junction
- New Windsor
- West Point