A massive essential retailer now closes 27 stores in Washington after already shuttering several locations nationwide.
The struggling pharmacy chain Rite Aid has announced that more of its locations will be shuttering according to its latest court filing.
Last year, the essential retailer filed plans to close 23 locations in Washington State, and already this year, they have added another four 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 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, they announced that 154 locations nationwide would close, including eleven in Washington.
Since the initial filing, Rite Aid has filed several more notices advising additional closures, and the total number of store closures is now 431, with 27 being in Washington.
Below is the list of upcoming Rite Aid store closures in Washington:
- Everett: 1825 Broadway
- Walla Walla: 2028 East Isaacs Avenue
- Belfair: 23940 NE State Route 3
- Seattle: 1820 N 45th Street
Below are the twenty-three stores that Rite Aid filed to close last year.
- Seattle: 9600 15th Avenue SW
- Lynnwood: 2518 196th Street SW
- Bellevue: 3620 Factoria Boulevard SE
- Bellevue: 11919 NE 8th Street
- Redmond: 7370 170th Avenue NE
- Graham: 22201 Meridian Avenue E
- Renton: 601 South Grady Way, Suite P
- Mill Creek: 3202 132nd Street Southeast
- Burien: 110 SW 148th Street
- Everett: 10103 Evergreen Way
- Lacey: 8230 Martin Way East
- Seattle: 1101 Madison St
- Seattle: 6401 12th Ave NE
- Kirkland: 312 Central Way
- Issaquah: 5700 E Lake Sammamish Pkwy SE
- Seattle: 3018 NE 125th St
- Tacoma: 15801 Pacific Ave
- Lacey: 91 Sleater Kinney Rd SE
- Seattle: 1628 5th Ave
- Lake Stevens: 303 91st Ave NE
- Marysville: 251 Marysville Mall
- Auburn: 1231 Auburn Way North(added this week)
- (Kirkland: 14442 124th Ave, E NE( added this week)
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Also Read: Clothing Retailer Now Makes Painful Decision To Close All Stores
Other Economy News Today
A beloved crafts retailer is now at high risk of bankruptcy after a filing revealed the company owes over $2 billion in debt.
Joann Fabrics (JOAN) has been a favorite arts and crafts retailer for 80 years, operating 831 stores in 49 states.
However, like many retail store chains, it has struggled to overcome shifting sales trends toward online retailers like Amazon and larger superstores like Walmart while managing rising interest payments on billions of dollars in debt, reports TheStreet.
Sales at the arts and crafts store fell 4% to $540 million in its most recently reported quarter ending October, while its loss per share ballooned to $0.21 from a six-cent per-share profit in the same quarter the previous year.
Given the losses, Joann embarked on a cost-cutting plan to get itself back into the black by reducing costs by up to $225 million.
However, those efforts may not be enough. Behind the scenes, management has been discussing whether bankruptcy will be necessary to get its financial house in order, according to Bloomberg.
As of October 31, the company owed over $2 billion, including $181 million in current debt, and had just $28 million in cash and cash equivalents.
The company’s debt has become increasingly harder to manage since interest rates have risen since early 2022, reports TheStreet.
Joann’s quarterly interest expense ballooned to $28 million in October from $22 million exiting January 2023.
The company’s financial situation is a major reason its shares have dropped 85% in the past year to $0.51 per share.
“A Chapter 11 bankruptcy could provide Joann with wiggle room necessary to reshape its business and better align costs with sales,” says the outlet.
“Retailers often seek out Chapter 11 bankruptcy protection to restructure because it gives them the necessary cover to renegotiate debts with lenders and landlords, exit leases, and close stores.”
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Also Read: This Massive Mall Retailer Is Now Closing In California
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