An essential retailer now announces unexpected closures in Oregon which is unfortunately leading to mass layoffs in the state.
Bankrupt pharmacy chain Rite Aid has stated that it is closing over 200 locations across the United States.
This move will unfortunately also impact Oregon residents, with nine stores closing as well as a warehouse leading to many upcoming job cuts.
Rite Aid was founded in 1965 but has struggled recently.
Last month, the essential retailer filed for bankruptcy after incurring $ 3.3 billion in unpaid debt.
Rite Aid operates over 2,330 stores in 17 U.S. states, but this number is rapidly declining and will soon drop below 2000.
In October, as part of its bankruptcy filing, it announced that 154 locations nationwide would soon close, but this list has been added to several times.
Since the initial filing, the list of stores to close has surpassed 200.
Below is the most recently updated list of Rite Aid stores closing in Oregon this year:
- Canby: 891 S.E. First Ave. Closing December 4
- Portland: 1814 N.E. 41st Ave. Closing December
- Warrenton: 145 S. Highway 101. Closing November 28
- Florence: 3451 Highway 101. Closing November 29
- Hines: 629 N. Highway 20. Closing November. 27
- Milton-Freewater: 105 S.W. Second Ave. Closing November 28
- Portland: 2440 S.E. Cesar E. Chavez Blvd. (Closed)
- Portland: 4346 N.E. Cully Blvd. (Closed)
- Medford: 981 Medford Center. (Closed)
Additionally, Rite Aid has announced that it will close its warehouse in Wilsonville next April, resulting in 136 workers losing their positions.
The layoffs will commence the first week of January and continue until April 5, 2024.
“After conducting a comprehensive analysis of our distribution network, we’ve made the difficult but necessary business decision to close our Oregon Distribution Center and transition operations to our Washington Distribution Center to best support our stores and ensure greater efficiencies,” said a Rite Aid spokesperson.
Also Read: A US Company Now Declares An Unexpected Bankruptcy
Other Economy News Today
New York now gets hit by massive bank closures as several more branches are scheduled to close per the Office of the Comptroller of the Currency (OCC).
New data from the OCC has now been released advising of upcoming bank closures in New York.
This week, a total of eight additional bank branches are scheduled to be closing in New York.
Below is the most updated list of bank branches closing in New York soon:
- JP Morgan. 500 Joseph C Wilson Boulevard, CMC 271046 Rochester
- Bank of America. 72 Second Ave, New York
- Citizens Bank. 2345 Buffalo Rd, Rochester
- Citizens Bank. 4250 McKinley Parkway, Hamburg
- Citizens Bank. 301 Meadow Drive, N. Tonawanda
- Citizens Bank. 5150 North St, Canandaigua
- Citizens Bank. 3865 Union Rd, Cheektowaga
- Citizens Bank. 4777 Transit Rd, Depew
This massive trend of bank closures continues in New York and across the entire United States.
Between 2017 and 2021, 9% of all branches — almost 7,000 locations— shut their doors, and New York had the third most closures of any state with California leading the way.
CNBC reports this leads to “banking deserts when communities are without access to a bank or credit union within 10 miles.
Several studies have shown these communities are more likely to use non-traditional and high-fee lending options such as payday loans and check-cashing services, which increases financial inequities and ends up widening the wealth gap.”
A poll by the DailyMail revealed that 51% of consumers said they were very or somewhat concerned about the declining number of bank branches.
And according to data from the Federal Deposit Insurance Corporation (FDIC), approximately 8,000 banks were in operation in 2000, but by 2022, this figure was halved.
Also Read: A US Bank is Now Denying Customers Access to Money
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