A Massive Retailer Now Shutters Several Stores in Michigan

November 10, 2023

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

Also Read: Massive Layoffs in California Now Underway Prior to Holidays

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.”

Bank of America recently listed bank closures in other areas of the country for 2024 as well as Wells Fargo.

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.

Also Read: Banks Are Now Closing Thousands of Accounts Daily

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