A massive retailer now closes several locations in Washington after filing for Chapter 11 bankruptcy last month.
Rite Aid, which operates 2,330 stores across 17 states, requested on November 2nd to increase the number of stores to close to 179.
“Rite Aid has served customers and communities across our country for more than 60 years, and the important actions we are taking today will enable us to move ahead as a stronger company.
With the support of our lenders, we look forward to strengthening our financial foundation, advancing our transformation initiatives, and accelerating the execution of our turnaround strategy.
In doing so, we will be even better able to deliver the healthcare products and services our customers and their families rely on – now and into the future,” said Jeffrey Stein, Chief Executive Officer and Chief Restructuring Officer.
Rite was initially closing only 11 Rite Aid stores in Washington, now a total of 17 are closing.
- Seattle: 9600 15th Avenue SW
- Lynnwood: 2518 196th Street SW (Bartell Drugs location. Closing November 14)
- 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 (closed on November 12)
- Burien: 110 SW 148th Street
- Everett: 10103 Evergreen Way (closed on November 6)
- 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
“In addition, another location not listed on the filings will be closing. The Rite Aid store in Lake Stevens at 303 91st Ave NE will close on November 19, indicating that more stores may be added to the ever-growing list,” reports Ash Jurberg.
Other Economy News Today
More massive bank branches in Florida are now closing as more advisories of closures are listed by the OCC.
The following six bank branches are now scheduled to shutter in Florida in the coming weeks:
- Trustco Bank. 1084 Lee Rd, Orlando
- Bank of America. 126 East Olympia Ave, Punta Gorda
- Wells Fargo. 3131 West Hallandale Beach Blvd, Hallandale
- Wells Fargo. 10191 Cleary Blvd, Plantation
- Wells Fargo. 113 South Tennessee Ave, Lakeland
- Wells Fargo. 4901 Tamiami Trail, South Naples
Wells Fargo is also closing additional branches in California soon.
In July, Wells Fargo laid off over 100 employees in the consumer and small business banking division in Orlando.
“Between 2017 and 2021, nine percent of all branches — almost 7,000 locations— shut their doors. Florida had the fourth most closures of any state,” reports Ash Jurberg.
CNBC reports that this trend of bank closures may lead to “banking deserts”, where communities are left without access to a bank or credit union within 10 miles.
“Several studies have shown these communities are more likely to use non-traditional and high-fee lending options such as payday loans and check-cashing services, which increases financial inequities and ends up widening the wealth gap.”
This trend has grown nationwide as traditional banks pivot towards an ever growing digital world.
“Data from S&P Global Market Intelligence shows a total of 1,144 national and regional banks were closed between January 1 and July 31 across 49 states – and firms are pulling out of some areas faster than others,” reports the DailyMail.
“Branches continue to play an important role in the way we serve our customers, and customers continue to value the experiences they have in our branches,” Saul Van Beurden, the bank’s CEO of consumer, small and business banking, said in a statement.
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