A massive pharmacy chain now pulls out of Maryland as stores continue to close 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 more than -90%.
The pharmacy chain operates a whopping 2,330 stores in 17 U.S. states, but this number is rapidly declining and will soon drop below 2,000.
In October, as part of its bankruptcy filing, it announced that 154 locations nationwide would soon close, but this list has been added to several times and has now reached approximately 230.
Below is the most updated list of Rite Aid pharmacy stores closing in Maryland:
- 5624 Baltimore National Pike, Baltimore, MD, 21228
- 5804 Ritchie Highway, Baltimore, MD, 21225
- 728 East Pulaski Highway, Elkton, MD, 21921
- 7501 Ritchie Highway, Glen Burnie, MD, 21061
- 7967 Baltimore Annapolis Boulevard, Glen Burnie, MD, 21060
- 5 Bel Air South Parkway, Suite 1347, Bel Air, MD, 21015
- 6400 Georgetown Blvd, Eldersburg, MD 21784
- 1720 Main St, Chester, MD 21619
- 4339 Ebenezer Rd, Baltimore, MD 21236
- 3425 Clifton Ave, Baltimore, MD 21216
- 1301 Eeast State St, Delmar, MD 21875
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
Bank of America now announces unexpected branch closures filed with the Office of the Comptroller of the Currency (OCC).
So far in 2023, Bank of America has closed around 150 locations since the beginning of the year.
In October, it was announced that Bank of America would also close down 21 in-person locations across the US.
Colleen Haggerty, senior vice president of media relations with Bank of America explained the closings come as the pandemic has shifted operations to a more digital approach.
“The pandemic significantly accelerated banking behaviors toward digital self-service platforms instead of traditional foot-traffic banking,” Haggerty said in an email in early November, The Daily Breeze reported.
“For example, 90 percent of our clients now interact with us digitally – including nine out of every 10 checks are deposited outside the walls of a branch via mobile deposit and at ATMs,” he continued.
However, earlier this year in June, Bank of America announced it will be opening up locations in nine new markets over the next four years.
The new branches will be dedicated to Bank of America’s new “high tech and high touch approach” as the company invests in new digital capabilities to modernize its financial centers, according to a June press release.
“Our financial center strategy is designed to serve our clients when, where, and how they choose to manage their financial lives,” said Aron Levine, President of Preferred Banking at Bank of America.
“Although more clients are using our digital banking capabilities, many still visit our centers for in-person conversations about some of their more complex financial needs.
Our redesigned centers make it easy for them to meet with professionals for tailored solutions and advice on their life priorities and financial goals.”
Also Read: Wells Fargo is Now Freezing Bank Accounts in New Scandal
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