A massive retailer is now closing more locations in Pennsylvania, leaving customers grieving the company’s decision.
Rite Aid is closing up four more stores apart of its mass closures as it rethinks its business strategy, reports The-Sun.
The four store closures are located across Pennsylvania in Philadelphia, Pottsville, South Whitehall Township, and Wayne.
The shutters were added to the latest round of its bankruptcy proceedings according to court filings, reported on by ABC affiliate WHTM on Friday.
The closure at the Pottsville location is the second closure in the country in 2024, WHTM reported.
Rite Aid filed for Chapter 11 Bankruptcy on October 15, 2023, with the goal of closing struggling stores.
It has since closed more than 200 stores since the bankruptcy filing and gave the US Bankruptcy Court a list of an additional 154 stores at the end of October, per Forbes.
There have been a few dozen more closures added since the beginning of 2024.
Rite Aid announced a closure at its location in Michigan near northeast Detroit on June 13.
This would allow it to minimize its rent costs and become stronger financially.
The pharmacy once operated 2,000 locations in 17 states.
Rite Aid released a statement when it said it would be closing stores to explain its new business plan with bankruptcy
“Rite Aid regularly assesses its retail footprint to ensure we are operating efficiently while meeting the needs of our customers, communities, associates, and overall business,” the statement said.
“In connection with the court-supervised process, we notified the Court of certain underperforming stores we are closing to further reduce rent expense and strengthen overall financial performance.”
Rite Aid isn’t the only store to be recently dealing with a financial crisis.
Popular discount store the 99 Cent Store recently was just forced to close all 371 of its locations
99 Cent Stores are all located across California, Nevada, Texas, and Arizona.
A dedicated fan to Rite Aid and 99 Cents Only called out the closures on X, formerly known as Twitter.
“First we lost Rite Aid then the 99 Cent Stores, wonder who’s next?” the user tweeted.
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Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing
Other Economy News Today
A massive shoe retailer now announces a new wave of layoffs to hit headquarters this summer, affecting over 700 employees.
Nike has announced its ‘second phase’ of mass layoffs, effective June 28, according to a Worker Adjustment and Retraining Notification (WARN) filing.
A total of 740 employees will be impacted in the retailer’s home state.
The layoffs are part of the 2% workforce reduction Nike announced in February, which is taking place across two phases, the company confirmed via email.
Nike said job titles and the number of employees in each category would be provided at a later date, once the company has determined them.
Bumping rights are not available for the impacted employees, reports Retail Dive.
“Nike’s always at our best when we’re on the offense. The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities as interest in sport, health and wellness have never been stronger,” Nike said in a statement.
“While these changes will impact approximately 2% of our total workforce, we are grateful for the contributions made by all Nike teammates.”
The layoffs are tied to a cost-savings plan Nike unveiled in December, which is aimed at generating up to $2 billion in cumulative savings over three years.
Based on the company’s last annual report, the layoffs to 2% of its total workforce will impact more than 1,600 people.
Savings from the plan are set to be reinvested in driving growth, innovation and profitability.
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Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy
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