Beloved discount store abruptly closes for good and locals are devastated - but there's still time to use loyalty points

A BELOVED discount store has announced its permanent closure, leaving local shoppers devastated, but there's still time to earn rewards.

In Owensboro, Kentucky, about 40 miles southeast of Evansville, Indiana, discount retailer Gimme a $5 has confirmed it will shut down on June 23.

The company released an official statement on Facebook on Friday detailing the reasoning behind the closure, per local radio station WBKR.

Executives at Gimme a $5 noted "transformations" at some locations, while others would be closed due to not meeting the requirements they were looking for.

"We are embarking on a journey of transformation, a rebranding of our retail stores that is designed to enhance the quality of our services and align with industry trends to best serve our customers for a long time to come," the company noted.

"We're excited to announce that several of our stores are evolving and will be rebranded into a new innovative and engaging shopping experience that we know you will love."

Gimme a $5 representatives added that a new business plan would also be unveiled on June 16.

"We are looking forward to sharing our new retail business model when we unveil the concept on June 16th," they wrote.

Other closures were also revealed in three cities across Tennessee and one additional location in Louisville.

"Unfortunately, some of our current store locations are not able to support the upcoming transformation, and stores located in Dickson, TN; Lebanon, TN; Pulaski, TN; Owensboro, KY; and Louisville, KY will be closing," read the statement.

"The last operating days for the current store brands of Gimme A $5, Gimme A $5 Clothing, Half Priced Foods, and Half Priced Bargains will be June 23rd, giving us a week to prepare for the grand re-opening of all the newly rebranded stores."

However, the news isn't all bad for shoppers, as the retailer noted that members of its discount club can still cash in on earned loyalty points.

Although the points won't renew in July as they have done in the past, shoppers in Kentucky and Tennessee can use them until the final closure date on June 23.

Gift cards will also be honored by Gimme a $5 until the final close date.

Afterward, any Gimme a $5 gift card can be used at all operational locations.

The company thanked customers for their trust and asked that they stay patient for updates on changes to Gimme a $5 processes.

"Over the years, we've been privileged to serve you, and we're deeply grateful for the trust you've placed in us. As we embark on this new journey, we are committed to continuing to offer exceptional value and to remaining a vital part of your communities," the retailer stated.

"We recognize that these changes may raise questions. Please know that we are here to address your concerns and will make this transition as seamless as possible."

Gimme a $5 concluded: "Stay tuned for more updates as we take the next steps on this amazing journey. Thank you for your unwavering support and loyalty; we look forward to serving you through our new brand."

The announcement from Gimme a $5 comes amid the closings of several other retailers.

As The U.S. Sun previously reported, a major crafts company with over 850 stores is closing locations around the United States.

The U.S. Sun also has the story on several discount home goods stores closing in June with 70 percent off liquidation sales.