An Essential Company in California Now Announces Massive Closures

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

Market News Today - An Essential Company in California Now Announces Massive Closures.
Market News Today – An Essential Company in California Now Announces Massive Closures.

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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Market News Today - An Essential Company in California Now Announces Massive Closures.
Market News Today – An Essential Company in California Now Announces Massive Closures.

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