An Essential Retailer Now Announces Painful Closures in Ohio

An essential retailer now announces painful closures in Ohio after it already shuttered several locations across the US.

Nationwide drugstore chain Rite Aid, which filed for Chapter 11 bankruptcy on Oct. 15, 2023, has been closing hundreds of stores since it filed a motion the day after its petition filing, seeking to conduct store closing sales at 154 locations.

As the debtor seeks approval of a confirmation order for its bankruptcy plan, Rite Aid on June 27 filed a notice of additional store closings to shut down 30 locations, consisting of 16 stores in Ohio and another 14 in Michigan.

It had previously on June 21 filed a notice to close 22 stores, consisting of 12 in Michigan, eight in Ohio, and one each in Maryland and Washington.

On June 17, it filed a notice to close 27 stores, consisting of 16 in Ohio and 11 in Michigan.

The retail chain also filed four other notices in June seeking to close six additional locations, reports TheStreet.

Of the 85 locations for which Rite Aid filed notices for store closing in June, a total of 44 stores were in Ohio.

The retailer’s June closings increased the total of Rite Aid’s closed stores to a total of 434.

Concerns have grown over ‘pharmacy deserts’ affecting lower income communities.

As more of these essential retail stores close, the further away customers will have to drive to their nearest pharmacy location.

The costs for commuting then also grows for these individuals.

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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

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Market News Today - An Essential Retailer Now Announces Painful Closures in Ohio.
Market News Today – An Essential Retailer Now Announces Painful Closures in Ohio.

An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.

TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.

This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.

The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.

Today, Fridays will welcome in famished diners at its location in Brick for the final time.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.

“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”

Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.

“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.

“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.

Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.

The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.

Also Read: Retirees Will Now Receive More Money For Social Security

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Market News Today - An Essential Retailer Now Announces Painful Closures in Ohio.
Market News Today – An Essential Retailer Now Announces Painful Closures in Ohio.

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