An essential retailer now makes an unexpected closure in Virginia after filing for bankruptcy last October due to mounting debt.
More pharmacy locations are closing in Virginia as struggling pharmacy chain Rite Aid announces more store closures will occur in 2024.
Last year, Rite Aid filed for bankruptcy in October after incurring a whopping $3.3 billion in unpaid debt.
And according to financial reports to the U.S. Securities and Exchange Commission (SEC), Rite Aid has lost approximately $3 billion since 2020.
In October, as part of their bankruptcy filing, they announced that a total of 154 locations nationwide would close.
“The court-supervised process provides Rite Aid with legal tools to accelerate our footprint optimization in an efficient and orderly manner.
We look forward to working closely with our landlords to determine the best path forward for each of our stores,” said Jeffrey S. Stein, Rite-Aid Corp.’s new chief executive officer, chief restructuring officer, and a member of the company’s board of directors.
Since that initial filing, Rite Aid has filed several more notices advising additional closures, and the total number of store closures is approaching 500 with 14 of those being in Virginia.
Below is a list of Rite Aid stores that are closing in Virginia this year:
- Virginia Beach: 3653 Virginia Beach Blvd
- North Dinwiddie: 4310 Westgate Rd
- Virginia Beach: 324 Virginia Beach Blvd
- Virginia Beach: 1660 Independence Blvd
- Chesapeake: 1458 Mount Pleasant Road
- Chesapeake: 833 North Battlefield Boulevard
- Norfolk: 163 W. Ocean View Ave
- Norfolk: 7601 Granby St
- Norfolk: 1101 East Little Creek Rd
- Williamsburg: 4501 News Rd
- Smithfield: 1200 Benns Church Blvd
- Richmond: 1104 Courthouse Rd
- Richmond: 1801 Hull St
- Portsmouth: 5914 West High St
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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois
Other Economy News Today
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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