An essential retailer in Michigan now makes unexpected closures after shutting several hundreds of locations down this year.
Rite Aid filed for bankruptcy in October after several years of issues.
At the time of the filing, it had incurred $ 3.3 billion in unpaid debt, while over the past six years, Rite Aid has recorded almost $3 billion in losses.
Nearly 270 locations have been listed to close since the struggling chain filed for bankruptcy in October.
Its initial bankruptcy filing announced that 154 locations nationwide would soon close, including thirty-nine in its home state of Pennsylvania (now 61).
However, since then, they have filed several additional updates, with the total number of closures passing 270, with a whopping thirty-five in Michigan.
Below is the most up-to-date list of Rite Aid stores closing in Michigan:
- 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
- 1981 South Blvd W, Troy
- 402 Pointe Tremble Rd, Alganac
- 1301 West 14 Mile Rd, Clawson
- 3681 Shawnee Rd, Bridgman
- 6033 Van Dyke Rd, Washington (added to closure list this week)
- 3 South Telegraph Rd, Pontiac (added to closure list 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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