When you see huge tech companies like Meta and Intuit lay off thousands of people making top-tier salaries, it makes many Americans worry about their own jobs.
Even if you’re making a good living and have discretionary income, it’s reasonable to think that maybe you should cut back a little, or maybe a lot, because even stable, secure jobs might not be as stable and secure as they seem.
A new edition of EY-Parthenon’s U.S. Consumer Sentiment Survey shows a growing share of consumers who report that their personal finances are on the decline, with one in four indicating they feel worse off than one month ago.
- Financial strain is rising despite overall stability: One in four consumers feel they are worse off than one month ago, signaling mounting strain amid a still uncertain economic environment.
- Consumers prioritize essentials as discretionary spending declines: Cost-of-living concern remains elevated, particularly around groceries, which nearly 70% of respondents cite as a moderate or major concern.
- Discretionary categories, such as restaurants, entertainment, travel, and apparel, are seeing broad pullbacks as consumers seek fast ways to reduce spending.
- Consumers across income levels are seeking value: Even high-income shoppers are paying attention to prices — primarily through shopping on sale, comparing prices and switching to private labels.
That creates a challenging economy for brands that cater to discretionary spending.
Keeping and riding horses certainly counts as a discretionary expense, and the leading retailer in that space, Dover Saddlery, faces imminent closure, unless its owner can “agree on a ‘heroic’ deal to save it,” The Boston Globe reported.
Dover Saddlery closing all stores
Gordon Brothers, a restructuring firm that specializes in liquidating assets for struggling companies, purchased Dover in late April and was gearing up to run going-out-of-business sales at all its stores, according to the Globe report.
The 50-year-old brand caters to the horse-riding community.
“Dover Saddlery brand riding apparel, equestrian wear, bridles, saddles, and other tack is developed by riders, for riders. Leveraging nearly a half-century of equestrian expertise and worldwide contacts in the equestrian industry, product development teams at Dover Saddlery are able to offer just the right choices for you and your horse,” the company shared on its website.
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The company recently went through multiple ownership changes.
“The chain was taken over by its primary lender, an arm of Prudential Financial, and then was sold in late April at a discount to Gordon Brothers, which has handled a number of high-profile retail liquidation sales over the years. A separate investor group aiming to keep the business going had bid, but lost to Gordon, according to the source, who does not work at the company and isn’t authorized to speak about it,” the Globe reported.
Dover Saddlery has begun a closeout sale on its website and has posted closing notices at some, but not all, of its stores.
The company has not filed for Chapte 11 or Chapter 7 bankruptcy.
What’s next for Dover Saddlery
The local Dover Saddlery here in Wellington, Fla., the polo capital of the U.S., posted a closure notice on Facebook.
“Our store will soon be closing its doors. Thank you for your support and loyalty over the years. Serving you and your horse has truly been our privilege, and we’re grateful for the trust you’ve placed in us,” the company shared.
A quick visit to the Wellington store confirmed the impending closure, although the final date remains unclear. Some locations have already closed.
In 2025, several Dover Saddlery stores closed their doors, leaving 30 locations still open.
“Earlier this month, the company revealed greater financial hardships by filing a Worker Adjustment Retraining and Notification Act notice in Massachusetts, which noted that 112 employees were scheduled to be laid off in the July 7-20 period. Massachusetts is home to Dover’s headquarters and warehouse/distribution center,” The Chronicle of the Horse reported.
Company officials have not responded to a request for comment from the horse industry trade magazine.
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Dover Saddlery could still be sold
Retail restructuring firms sometimes continue seeking buyers even after liquidation preparations begin if a retailer still has valuable brand recognition or a loyal niche customer base.
Dover Saddlery operates in a highly specialized equestrian niche with a dedicated customer base, a factor restructuring experts often view as supportive for potential turnaround or acquisition interest.
The company acknowledged that it was looking for a buyer in the WARN notice it filed on May 7.
“Whether the layoffs or closures occur will depend in part on our success in obtaining funding or selling our business,” the company wrote.
Gordon Brothers would be open to viable offer to buy the brand, according to the Boston Globe article.
Despite its financial distress, Dover Saddlery still operates one of the best-known brands in the niche equestrian retail market, a factor that could support efforts to secure financing or a buyer.
“Dover Saddlery is one of only two large nationally recognized retail brands in the English-style equestrian products industry,” the company shared in an SEC filing.
Related: 42-year-old sporting goods, sneakers chain closed over 175 stores
