68 Essential Stores Are Now Closing in Pennsylvania
68 essential stores are now closing in Pennsylvania after an additional seven stores were recently added by the struggling chain.
Rite Aid continues to close more locations, and no other state is impacted like its home state of Pennsylvania, reports Ash Jurberg.
“Last year, they filed plans to close 61 locations in Pennsylvania, and already this year, they have added another seven to the list.”
Last year, Rite Aid filed for bankruptcy in October after incurring a whopping $3.3 billion in unpaid debt.
And according to financial reports made to the U.S. Securities and Exchange Commission (SEC), Rite Aid has lost approximately $3 billion since 2020.
In October, as part of their bankruptcy filing, Rite Aid announced that 154 locations would close nationwide.
Since the initial filing, Rite Aid has warned of several more notices advising of additional closures, and the total number of store closures is 431, with 68 in Pennsylvania.
Below is a list of the 7 additional Rite Aid stores closing in Pennsylvania:
- Greencastle: 200 North Antrim Way
- Allentown: 6822 Hamilton Boulevard
- Doylestown: 472 N. Main Street
- Phoenixville: 200 Kimberton Road
- Altoona: 1600 9th Ave. Suite 35
- Harrisburg: 501 South 29th St., Suite A
- Sharon: 60 South Water Street
The company made the following statement regarding the closures:
“In connection with the court-supervised process, the company will continue assessing its footprint and close additional underperforming stores.
These efforts will further reduce the Company’s rent expense and are expected to strengthen its overall financial performance.”
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Also Read: A New Wave of Unexpected Layoffs Now Hits Wisconsin
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This bankrupt clothing retailer is now having a massive sale of up to 90% off as it sets to close a major location.
Soft Surroundings, a women’s clothing retailer, is officially closing one of its stores in Kansas City, Kansas, reports The-Sun.
Located in the Country Club Plaza, the store has been in operation for 12 years.
An employee confirmed on Monday that the store’s last day of operation will be Sunday, February 25.
Shoppers will be able to score a whopping 70% to 90% off on inventory at the store through Sunday.
The clothing chain had over 40 stores across the US before it filed for bankruptcy last year.
All Soft Surroundings stores have either closed down or are in the process of getting shut down.
The company will still conduct direct-to-consumer business online via its website, which the apparel company Coldwater Creek acquired as part of the bankruptcy process.
Another popular fashion and clothing retailer, Rent the Runway, is also on the verge of filing for bankruptcy.
The clothing rental service has struggled with a variety of business operations, such as meeting customer demand and maintaining its active subscriber count, according to PYMNTS.
A report from CreditRiskMonitor revealed that the e-commerce platform has a 9.99% to 50% chance of filing for bankruptcy this year.
In an effort to revitalize the company, Rent the Runway executives formulated a restructuring plan that involves cutting 10% of its corporate roles, or 37 employees.
“With already strong unit economics and high margins, this new structure is designed to set the stage for the business to achieve free cash flow breakeven in fiscal 2024,” said the company.
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Also Read: A Cosmetics Company Now Makes Painful Store Closures
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It is not surprising that Rite Aid is going bankrupt. They have no clue about customer service and their pharmacy routinely treats their patients like dog poop. I wouldn’t sent my dog there to urinate.
Wonder if more customers have had a bad experience 🤔
Leave your thoughts below.
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