An Essential Company in California Now Announces Massive Closures

December 26, 2023

An essential company in California now announces massive closures after shutting several hundreds of locations down this year.

Struggling pharmacy chain Rite Aid has announced more location closures in its latest court filing.

On December 19, Rite Aid listed 19 more locations to close, including two more in California.

This now brings the list of closures to almost 270, including forty-five in California, one of the most impacted states.

The company filed for bankruptcy in October after incurring $3.3 billion in unpaid debt.

According to financial reports to the U.S. Securities and Exchange Commission (SEC), Rite Aid has lost a whopping $3 billion since 2020.

In October, as part of their bankruptcy filing, they announced that 154 locations nationwide would close, including thirty-one in California.

Since the initial filing, Rite Aid has filed several more notices advising of additional closures, with 45 in California.

Below is the most up-to-date list of Rite Aid stores closing in California:

Dana Point: 24829 Del Prado
Laguna Niguel: 30222 Crown Valley Parkway
Yorba Linda: 19701 Yorba Linda Boulevard
Santa Ana: 1406 West Edinger Avenue
Ventura: 2738 East Thompson Boulevard
Oxnard: 720 North Ventura Road
Cupertino: 20572 Homestead Road
Santa Clara: 2620 El Camino Real
Santa Cruz: 901 Soquel Avenue
Atwater: 571 Bellevue Road
Citrus Heights: 5409 Sunrise Boulevard
Sacramento: 1309 Fulton Avenue
Costa Mesa: 3029 Harbor Boulevard
Ontario: 3000 South Archibald Avenue
La Mirada: 15800 Imperial Highway
Irvine: 8509 Irvine Center Drive
Monterey: 499 Alvarado Street
Los Angeles: 4044 Eagle Rock Boulevard,
Los Angeles: 4046 South Centinela Avenue,
Los Angeles: 959 Crenshaw Boulevard
Downey: 7859 Firestone Boulevard
Long Beach: 4402 Atlantic Avenue
Burbank: 935 North Hollywood Way
Covina: 139 North Grand Avenue
La Puente: 13905 Amar Road
Alhambra: 920 East Valley Boulevard
Oceanside: 3813 Plaza Drive
Ramona: 1670 Main Street
San Diego: 6505 Mission Gorg Road
San Diego: 8985 Mira Mesa Boulevard
Menifee: 25906 Newport Road
1375 Rocking W Drive, Bishop
6007 Clark Rd, Paradise
11230 Donner Pass Rd, Truckee
1020 Al Tahoe Blvd, South Lake Tahoe1475 41st Ave, Capitola
49060 Road 426 Oakhurst
5747 Kanan Rd, Agoura
1350 North Vasco Rd, Livermore
4980 Freeport Blvd, Sacramento
72-875 Highway 111, Palm Desert
30551 Gateway Place, Rancho Mission Viejo
18444 Plummer St, Northridge
4200 Chino Hills Pkwy, Suite 500, Chino Hills (added this week)
420 Grass Valley Hwy, Auburn (added this week)

Also Read: A US Company Now Declares An Unexpected Bankruptcy

Other Economy News Today

A popular electric company now announces an unexpected bankruptcy leading to the sale of its assets after failing to recover from the pandemic.

The electric scooter company Bird, once valued at $2.5 billion by investors, filed for Chapter 11 bankruptcy protection in Florida federal court Wednesday, reports CNBC.

The company has entered into a “stalking horse” agreement, which sets a floor for Bird’s value, with its existing lenders, according to a release.

Bird said it will use the bankruptcy proceeding to facilitate a sale of its assets, which it expects to complete within the next 90 to 120 days.

The company’s electric scooters are “touted as an environmentally friendly alternative to driving and other forms of public transit.

They exploded in popularity before the onset of the Covid-19 pandemic, and the company raised more than $275 million in 2019, which pushed its valuation to $2.5 billion,” reports CNBC.

“But after customers stopped riding as they were forced into lockdown in 2020, Bird struggled to recover.

The company went public via a merger with a special purpose acquisition company in 2021, but its share price tumbled.”

Bird’s bankruptcy proceedings come after the New York Stock Exchange delisted the company in September.

Bird failed to comply with the exchange’s requirements after it was unable to keep its market capitalization above $15 million for 30 consecutive days.

The company’s shares began trading on the over-the-counter exchange later that month.

As of today, the stock is under $0.08.

Bird Canada and Bird Europe are not part of the company’s Wednesday filing and will “continue to operate as normal,” according to the release.

This is a developing story.

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

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