An essential retailer now makes unexpected closures in Michigan, part of its chapter 11 bankruptcy plan, sources report.
Rite Aid has announced that it will close a total of 12 stores in Michigan.
Customers have shared their shock at the news on social media.
“I’ve been a 40-year customer/patient, I’m shaking. I’m so sorry this happened,” wrote one on Reddit.
“Wow, let’s see how my hometown handles this,” said another.
“The Rite Aid is the only liquor store in town.”
“I live right behind one, and it’s super convenient to walk across the street for everything,” said a third
“My 100-year-old grandma is going to chew nails and spit tacks, as she’s been using the Rite Aid by her home since it opened.”
“We are watching this industry crumble right before our eyes, and no one seems to care,” wrote another.
The company announced the closures in a court filing earlier this week as it seeks to exit federal bankruptcy protection, reports The-Sun.
The document did not indicate when the stores would be shuttered or what would happen to the employees.
However, nonprescription merchandise will be liquidated in store closing sales.
Rite Aid announced in August 2023 it was filing for Chapter 11 bankruptcy.
The decision came amid a mounting debt load and thousands of opioid lawsuits filed against the company.
Over the last two decades, the chain has closed thousands of stores, going from more than 5,000 locations in 2008 to around 1,700 today.
However, it is far from the only drug store company that has been forced to close stores.
Walgreens, which operates almost 9,000 stores in the US, closed 150 locations across the country between July 2023 and May 2024.
It also laid of around 10% of its corporate workforce.
Meanwhile, CVS is coming to the end of its 900-store closing spree.
Between 2022 and 2024, it eliminated around 10% of its US stores.
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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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