A Massive Chain Is Now Closing in Michigan Very Soon

November 7, 2023

A massive chain is now closing in Michigan very soon, part of its latest plan to unwind an additional 179 locations nationwide.

Rite Aid will be shuttering 27 of its stores in Michigan very soon.

The company was founded in 1965 but has been struggling recently leading to bankruptcy last month after incurring $ 3.3 billion in unpaid debt.

“Rite Aid operates over 2,330 stores in 17 U.S. states, but this number is rapidly declining,” reports Ash Jurberg.

“The chain recently closed a raft of stores- 145 closed in 2022, and 25 have closed this year. In October, as part of their bankruptcy filing, they announced that 154 locations nationwide would soon close, including nineteen in Michigan.

This week, they have increased the number of stores they wish to close across the U.S. to 179, of which twenty-seven will be in Michigan.”

The company released the following statement:

“Rite Aid has served customers and communities across our country for more than 60 years, and the important actions we are taking today will enable us to move ahead as a stronger company.

With the support of our lenders, we look forward to strengthening our financial foundation, advancing our transformation initiatives, and accelerating the execution of our turnaround strategy.

In doing so, we will be even better able to deliver the healthcare products and services our customers and their families rely on – now and into the future,” said Jeffrey Stein, Chief Executive Officer and Chief Restructuring Officer of Rite Aid.

The Sun reports that some customers are seeing delays in receiving their medications.

However, Rite Aid isn’t the only pharmacy chain closing several of its stores.

CVS stated in 2021, they would close 300 stores annually until 2024, while Walgreens will close approximately 150 locations across the U.S. in the coming months.

Also Read: A US Company Now Declares An Unexpected Bankruptcy

Other Economy News Today

A popular US bank now unexpectedly closes a customer’s account and credit cards who’s transactions were completely innocent.

Caroline Potter had her Citibank accounts shut down unexpectedly after moving across the country, she told the New York Times.

“You feel like you’re walking around wearing this scarlet letter,” she said.

The Potters moved to Idaho during the pandemic after selling their New York home, according to the Times report.

With the move, Caroline and her husband’s accounts expectedly had some large sums of money moving around like final mortgage payments and a new down payment.

She said: “There were these weird calls with a very mysterious customer care department, and they kept asking for our tax returns … No one sees my tax returns except the I.R.S. and my C.P.A.”

Soon after the move, Citi had all affiliated accounts shut down, including their checking and credit cards, Potter told the Times.

When the couple tried to rectify the issue, they were given minimal information.

“It felt like there was this secretive department, and anyone who wasn’t in that department didn’t even know about it,” she said about her attempts to speak to the bank.

Potter added that she believed the issue was caused by her husband’s paychecks.

Her husband’s employer was recently absorbed by a cannabis company, meaning his checks started being signed by this company.

Prior to the federally passed SAFER Banking Act, banks were at risk of penalty for working with businesses related to cannabis sales.

Although legal in 23 states, cannabis is still an illicit substance at the federal level of law.

Because banks are federally regulated bodies, this federal law supersedes any state law protections on cannabis.

“Caroline is not alone in her plight, the New York Times interviewed 500 different people who experienced something similar,” reports The-Sun.

Also Read: A Massive Bank Now Closes Several Branches in Florida

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