A massive retailer is now closing 12 stores in Michigan after filing for chapter 11 bankruptcy last October and amassing billions in debt.
Rite Aid filed for bankruptcy last October after amassing a whopping $3.3 billion in unpaid debt.
According to financial disclosures submitted to the U.S. Securities and Exchange Commission (SEC), the company has lost approximately $3 billion since 2020.
The initial bankruptcy filing included plans to close 431 stores nationwide, with 38 of those closures occurring in Michigan, but the number has since grown.
On Monday, Rite Aid added 12 more stores in Michigan to the closure list.
Which Rite Aid stores are closing in Michigan?
These stores, which have until June 27 to file objections to the closures, include:
- 6 Mile Road, Livonia (New Addition to Closure List)
- G4033 Fenton Road, Burton (New Addition to Closure List)
- 4519 Richfield Road, Flint (New Addition to Closure List)
- 936 East Ludington Ave., Ludington (New Addition to Closure List)
- 1998 Biddle Avenue, Wyandotte (New Addition to Closure List)
- 603 East Savidge Street, Spring Lake (New Addition to Closure List)
- 6026 Lapeer Road, Burton (New Addition to Closure List)
- 3880 Wilder Road, Bay City (New Addition to Closure List)
- 2985 Main Street, Marlette (New Addition to Closure List)
- 107 Kercheval Avenue, Grosse Pointe Farms (New Addition to Closure List)
- 640 North Milford Road, Milford (New Addition to Closure List)
- 15411 Southfield Road, Allen Park (New Addition to Closure List)
Below is a list of Rite Aid stores that have already closed in Michigan:
- Fremont: 924 West Main Street
- Greenville: 507 N. Lafayette Street
- Grand Ledge: 715 South Clinton Street
- Macomb: 15250 24 Mile Road
- Sturgis: 102 North Centerville Road
- Detroit: 4612 Woodward Ave
- Midland: 2006 N. Saginaw Road
- Wixom: 47300 Pontiac Trail
- Clinton Township: 35250 South Gratiot Avenue
- Clinton Township: 36485 Garfield Road
- Shelby Township: 51037 Van Dyke Avenue
- Jackson: 3100 East Michigan Avenue
- Taylor: 9155 Telegraph Road
- Manistee: 1243 US 31 South
- Garden City: 29447 Ford Road
- Flint: 2838 East Court Street
- Flint: 1124 North Ballenger Highway
- Detroit: 1900 East 8 Mile Road
- Farmington Hills: 25922 Middlebelt Road
- St. Johns: 109 North Whittemore Street
- Lansing: 2701 South Cedar Street
- Battle Creek: 30 East Columbia Ave
- Waterford: 4350 Dixie Hwy
- Center Line: 25425 Van Dyke Ave
- Traverse City: 939 US 31 South
- Detroit: 3456 East Jefferson Ave
- Bay City: 901 West Midland St
- Three Rivers: 1113 West Michigan Ave
- Traverse City: 1201A South Division St
- Detroit: 13939 Livernois Ave
- Muskegon: 2635 Henry St
- Troy: 1981 South Blvd W
- Algonac: 402 Pointe Tremble Rd
- Clawson: 1301 West 14 Mile Rd
- Bridgman: 3681 Shawnee Rd
- Washington: 6033 Van Dyke Rd
- Pontiac: 3 South Telegraph Rd
- Howell: 1002 East Grand River Ave
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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois
Other Economy News Today
An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.
TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.
This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.
The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.
Today, Fridays will welcome in famished diners at its location in Brick for the final time.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.
“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”
Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.
“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.
“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.
Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.
The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.
Also Read: Retirees Will Now Receive More Money For Social Security
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