A massive retailer now shutters several stores in Michigan after unexpectedly filing for bankruptcy last month.
Rite Aid has announced additional store closures in Michigan adding ten more locations to the initial list.
The company operates over 2,330 stores in 17 U.S. states, but this number is rapidly declining.
The chain recently shuttered locations – 145 closed in 2022, and 25 have closed this year, so far.
A total of 29 Rite Aid stores will now shutter in Michigan before the year ends with a total of 179 scheduled to close nationwide.
“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 of Rite Aid.
Rite Aid said various factors are considered when closing a store, “including business strategy, lease and rent considerations, local business conditions and viability, and store performance.”
Below are the following Rite Aid stores closing in Michigan this year.
Rite Aid Stores Closing in Michigan This Year
- 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
- 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
- 30 East Columbia Ave, Battle Creek
- 4350 Dixie Hwy, Waterford
- 25425 Van Dyke Ave, Center Line
- 939 US 31 South, Traverse City
- 3456 East Jefferson Ave, Detroit
- 901 West Midland St, Bay City
- 1113 West Michigan Ave, Three Rivers
- 1201A South Division St, Traverse City
- 13939 Livernois Ave, Detroit
- 2635 Henry St, Muskegon
Other Economy News Today
Bank branches in Texas now declare unexpected closures for 2024 according to fresh data from the Office of the Comptroller of the Currency (OCC).
Per the OCC, the additional two Texas-based Wells Fargo Bank branches are scheduled to permanently close in 2024:
- 201. E. Pipeline Road, Hurst
- 3570 Southwest Military Drive, San Antonio
On October 30th I reported the following bank branches are also scheduled to permanently close next year:
Wells Fargo 11152 S. Gessner Drive, Houston.
Bank of America 2601 Preston Road, Frisco; 13350 Dallas Pkwy, Dallas.
Capital One 2301 E. Riverside Drive, Austin; 2910 S. Lakeline Blvd., Cedar Park.
“No specific dates of closure have yet been listed, and it should be noted more Texas branch closures are expected to be announced in upcoming OCC bulletins,” reports Joel Eisenberg.
“The popularity of digital banking, inclusive of electronic payments and direct deposits, continues to be widely acknowledged by industry analysts as the primary factor in this regard.”
Banks have stated that job cuts have also played an important role to weather strong recession conditions in 2024.
But Texas is not the only state facing mass bank closures.
Wells Fargo revealed last month that several branches would be closing in Arizona, Georgia, Iowa, Florida, Texas, and Alabama.
California also continues to be heavily affected, with both large and regional bank branches permanently shuttering this year alone.
According to data from the Federal Deposit Insurance Corporation (FDIC), approximately 8,000 banks were in operation in 2000, but by 2022, this figure was halved.
And according to experts, this trend is only expected to continue growing in the coming years.
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