A Massive Essential Retailer Now Closes An Unexpected Location

A massive essential retailer now closes an unexpected location with plans to shutter another whopping 300 stores this year.

CVS has announced it’s closing a Kansas City store, as brick-and-mortar pharmacies around the country continue to shutter for various reasons.

The nation’s largest retail pharmacy chain closed several hundred stores across the U.S. in 2022 and 2023 and is expected to shut down another 300 locations in 2024, reports The-Sun.

The company said the 2435 Independence Avenue store in northeast Kansas City will close next month.

Its last day in business will be on or before Thursday, June 13.

The location’s manager told Northeast News “theft and rent” were the main reasons the company decided to close the store.

In March, the company’s CEO, Karen Lynch, told CBS News some locations had to move products behind locked cages to prevent theft, although she hated doing it.

“Organized retail theft is a big problem for us,” Lynch said at the time.

“They’re coming in and they’re clearing shelves off and then reselling them”, she said.

Customers have already started receiving calls from the pharmacy to transfer prescriptions.

And employees have been offered comparable roles within the company, the company’s spokesperson, Amy Thibault, told The U.S. Sun on Friday.

“We’ll continue to provide the community with outstanding service at our nearly 100 locations across the Kansas City metro, including 20 in Kansas City,” said Thibault.

“We also offer prescription home delivery service to eligible patients through CVS.com and the CVS Pharmacy app to provide additional convenient access to medications.”

CVS said it plans to realigning its national retail footprint and reduce store density by roughly 900 stores.

“The realignment is based on our evaluation of changes in population, consumer buying patterns and future health needs to ensure we have the right kinds of stores in the right locations for consumers,” she said.

“The realignment also supports the evolution of our stores into community health destinations.”

There are no other CVS Pharmacy closures planned in Kansas City this year.

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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

Market News Today - A Massive Essential Retailer Now Closes An Unexpected Location.
Market News Today – A Massive Essential Retailer Now Closes An Unexpected Location.

A massive clothing retailer is now closing all 540 stores in just six weeks after unexpectedly filing for bankruptcy.

Liquidation sales will be held at rue21 outlets across the US as bosses rush to clear the last remaining stock.

The clothing retailer has entered bankruptcy and bosses have announced plans to close all 540 remaining stores within six weeks, reports The US Sun.

It is the third time in less than 25 years the fashion retailer has entered bankruptcy, per Bloomberg.

Court documents seen by Reuters revealed the company has more than $190 million of debt.

The chain has 540 stores across the US and 4,900 workers are set to be impacted.

Outlets are to slam shut within four to six weeks, according to court papers.

Bosses also announced plans to sell the company’s intellectual property.

The company narrowly avoided going into bankruptcy in October 2022.

Chiefs filed for bankruptcy in 2017 as they rushed to clear around $700 million worth of debt.

Bosses shuttered 400 stores as well and renegotiated leases.

Execs identified the rise of online shopping and changing consumer trends as reasons behind the bankruptcy.

Michele Pascoe, the interim CEO, also alluded to the impacts of competition and inflation.

The company also filed for bankruptcy in 2002.

At its peak, the company had more than 1,000 stores across the US.

The chain has dozens of outlets across several states, including Florida, Georgia, Illinois, North Carolina, Pennsylvania and Texas.

The teen fashion retailer is not the only clothing chain that has entered bankruptcy over the past year.

Last month, Express chiefs filed for bankruptcy, and at least 100 stores are set to close.

Also Read: Retirees Will Now Receive More Money For Social Security

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Market News Today - A Massive Essential Retailer Now Closes An Unexpected Location.
Market News Today – A Massive Essential Retailer Now Closes An Unexpected Location.

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