A Massive Retailer Now Makes Painful Closures in Delaware

A massive retailer now makes painful closures in Delaware after the company announced plans to shutter up to 25% of its stores.

Walgreens announced plans to close up to 25% of its stores nationwide, with 19 locations already marked for closure, including a total of five stores in Delaware.

This move comes as the company navigates a challenging operating environment.

“We continue to face a difficult operating environment, including persistent pressures on the U.S. consumer and the impact of recent marketplace dynamics which have eroded pharmacy margins,” said Walgreens CEO Tim Wentworth.

Walgreens is not alone in its struggles.

In October 2023, Rite Aid filed for Chapter 11 bankruptcy protection, citing $3.3 billion in unpaid debt and approximately $3 billion in losses since 2020.

As part of its restructuring plan, the company has shut hundreds of stores across the nation.

Meanwhile, CVS is looking to close 300 locations this year.

Which Walgreens stores are closing in Delaware?

Below is a list of the Walgreens locations closing in Delaware this year:

  • 301 Lancaster Pike, Wilmington
  • 4201 Concord Pike, Wilmington
  • 32979 Coastal Hwy, Bethany Beach
  • 124 E Main St, Newark
  • 900 Maryland Ave, Wilmington

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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 Retailer Now Makes Painful Closures in Delaware.
Market News Today – A Massive Retailer Now Makes Painful Closures in Delaware.

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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Market News Today - A Massive Retailer Now Makes Painful Closures in Delaware.
Market News Today – A Massive Retailer Now Makes Painful Closures in Delaware.

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