An Essential Retailer Now Makes Unexpected Closures in Washington

An essential retailer now makes unexpected closures in Washington after shutting several hundreds of locations down this year.

Struggling pharmacy chain Rite Aid has announced more location closures in its latest court filing.

On December 19, they listed 19 more locations to close, including two more in Washington State.

Rite Aid filed for bankruptcy in October after incurring $3.3 billion in unpaid debt.

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 154 locations nationwide would close, including eleven in Washington.

Since the initial filing, Rite Aid has filed several more notices advising of additional closures, with 23 in Washington.

Below is the most up-to-date list of Rite Aid stores closing in Washington:

  • Seattle: 9600 15th Avenue SW
  • Lynnwood: 2518 196th Street SW
  • Bellevue: 3620 Factoria Boulevard SE
  • Bellevue: 11919 NE 8th Street
  • Redmond: 7370 170th Avenue NE
  • Graham: 22201 Meridian Avenue E
  • Renton: 601 South Grady Way, Suite P
  • Mill Creek: 3202 132nd Street Southeast
  • Burien: 110 SW 148th Street
  • Everett: 10103 Evergreen Way
  • Lacey: 8230 Martin Way East
  • Seattle: 1101 Madison St
  • Seattle: 6401 12th Ave NE
  • Kirkland: 312 Central Way
  • Issaquah: 5700 E Lake Sammamish Pkwy SE
  • Seattle: 3018 NE 125th St
  • Tacoma: 15801 Pacific Ave
  • Lacey: 91 Sleater Kinney Rd SE
  • Seattle: 1628 5th Ave
  • Lake Stevens: 303 91st Ave NE
  • Marysville: 251 Marysville Mall
  • Auburn: 1231 Auburn Way North (added this week)
  • (Kirkland: 14442 124th Ave, E NE (added this week)

Also Read: A US Company Now Declares An Unexpected Bankruptcy

Other Economy News Today

Market News Today - An Essential Retailer Now Makes Unexpected Closures in Washington.
Market News Today – An Essential Retailer Now Makes Unexpected Closures in Washington.

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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Market News Today - An Essential Retailer Now Makes Unexpected Closures in Washington.
Market News Today – An Essential Retailer Now Makes Unexpected Closures in Washington.

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