A Massive Retailer With 1,700 Locations Now Confirms Another Closure

A massive retailer with 1,700 locations now confirms another closure after already shuttering 400 stores in the past six months.

Another Rite Aid location has announced it will be shutting its doors as the company struggles with bankruptcy, reports The-Sun.

A location in Harrison Township in Macomb County, Michigan — 40 minutes northeast of Detroit — announced its upcoming closure.

The local Rite Aid at 3875 Salem Avenue will close its pharmacy on May 13 and its store on June 16.

A long-time customer said they, “built it from the ground up,” according to CBS affiliate WHIO.

The store closing “is going to make it harder for us to get necessities.”

“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.

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,” the company told the outlet.

“At this time, we have not made or confirmed any decisions on additional specific store closures as part of our financial restructuring process.”

Customers can pick up their prescriptions at a nearby Walgreens after May 13, the company said.

The pharmacy chain filed Chapter 11 bankruptcy in October after allegations of mishandling addictive opioids.

In March, at a hearing in Trenton, New Jersey, the company’s attorney said Rite Aid had “reached an agreement on all key points” with stakeholders.

Some junior bondholders questioned the deal, but the company said it would work to resolve any remaining concerns.

No details were provided about the settlement.

The company is hoping to exit bankruptcy in April, according to Reuters.

To stay afloat, Rite Aid announced in February that it was going to shut at least 72 locations.

Before filing for bankruptcy, the company listed 2,072 locations.

Now, it only lists 1,687, meaning it has shut 387 stores in six months.

According to court documents, 154 stores were identified as underperforming and would be closing, as reported by USA Today.

The company has continued to add to the list of closures all over the country.

For more news and updates like this, opt-in for push notifications.

Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing

Other Economy News Today

Market News Today - A Massive Retailer With 1,700 Locations Now Confirms Another Closure.
Market News Today – A Massive Retailer With 1,700 Locations Now Confirms Another Closure.

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.

For more news and updates like this, opt-in for push notifications.

Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy

Market News Published Daily 📰

Market News Today - A Massive Retailer With 1,700 Locations Now Confirms Another Closure.
Market News Today – A Massive Retailer With 1,700 Locations Now Confirms Another Closure.

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter)InstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


Frank Nez’s Stock Portfolio

Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.

11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



2 Comments

  1. Frank Nez

    Leave your thoughts below.

  2. Frank Nez

    For more news and updates like this, opt-in for push notifications.

© 2024 Franknez.com

Theme by Anders NorenUp ↑