A Massive Retailer Now Closes Several Stores in New York

December 4, 2023

A massive retailer now closes several stores in New York after the company filed for Chapter 11 bankruptcy in October.

Rite Aid filed for bankruptcy after incurring $ 3.3 billion in unpaid debt.

Over the past six years, Rite Aid has recorded almost $3 billion in losses and seen its stock price drop 90%.

The massive retailer operates over 2,330 stores in 17 U.S. states, but this number is quickly declining and will soon drop below 2,000 stores.

In October, as part of its bankruptcy filing, Rite Aid announced that a total of 154 locations nationwide would soon close, but this list has been added to several times and has now reached roughly 230.

Below is a list of Rite Aid stores closing in New York:

Brooklyn: 2981 Ocean Avenue, 2002 Avenue U
Oceanside: 3199 Long Beach Road
Valley Stream: 198 West Merrick Road
Bay Shore: 836 Sunrise Highway
Bellmore: 2784 Sunrise Highway
Copiague: 901 Merrick Road
East Northport: 577 Larkfield Road
Huntington Station: 695 East Jericho Turnpike
Medford: 700-43 Patchogue-Yaphank Road
Oyster Bay: 273 Pine Hollow Road
West Patchogue: 397 Sunrise Highway
Port Jeff Station: 593 Old Town Road
Smithtown: 65 Route 11
Kenmore: 2453 Elmwood Avenue
Rochester: 1567 Penfield Road
Cheektowaga: 2887 Harlem Road
Floral Park: 2 Whitney Avenue
Flushing: 71-18 Kissena Boulevard
Levittown: 3131 Hempstead Turnpike
Fairport: 6720 Pittsford-Palmyra Rd
Miller Place: 335 Route 25A
Bronx: 5825-35 Broadway

But Rite Aid isn’t the only pharmacy chain shuttering locations across the United States.

CBS News reports that “CVS, the largest U.S. chain, closed 244 stores between 2018 and 2020. In 2021, it announced plans to close 900 stores by 2024.”

Walgreens also said in 2019 that it would close 200 stores and in June announced an additional 150 store closures.

Also Read: A US Company Now Declares An Unexpected Bankruptcy

Other Economy News Today

Chase freezes a customer account worth a whopping $200K in a new scandal that has left the bank giant under new scrutiny.

The customer, who lives in Hawaii, says he opened his Chase account two decades ago and was shocked to learn $200,000 was suddenly inaccessible, reports The-Sun.

According to the customer, Chase told him he’d have to visit a branch in person to try and get his money.

And although Chase has ATMs in Hawaii, it does not have any physical branches, which forced the customer to fly 2,400 miles to Los Angeles in an attempt to resolve the issue.

“I don’t know why… I’ve had no problem with them for the last 20 years… But ok, it’s their choice and nothing I can do.”

As for why his account was shut down without warning, the account holder says he believes a large Zelle transfer may have something to do with it.

In the US, banks can close accounts at their discretion for a number of reasons, including concerns about fraud and illegal activities, too many overdrafts or dormancy.

Banks typically send notices to account holders and mail checks for the balance to addresses on file.

When banks are concerned about potential fraud, they also file Suspicious Activity Reports (SARs) to law enforcement.

Banks filed about 830,000 SARs in 2014, a number that steadily increased to about 1.4 million in 2021, according to the Banking Policy Institute.

Only 4% of SARs trigger a follow-up from authorities, and a small fraction of the follow-ups result in arrests and convictions.

Also Read: The US Treasury Direct is Now Freezing Customer Accounts

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