An essential retailer now plans to close additional stores as part of its bankruptcy restructuring, multiple sources report.
Rite Aid plans to close an additional 31 stores across 12 states after the company announced it had filed for Chapter 11 bankruptcy back in October.
CNN reports that Rite Aid will have approximately 2,000 stores remaining in the U.S. after this latest round of closures.
Despite these 31 additional stores, the total number of closures announced thus far is still significantly lower than the 400 to 500 stores originally predicted to be on the chopping block, says Retail Touch Points.
“Since filing for Chapter 11 in October, the company has undertaken a robust financial restructuring that has included the appointment of Jeffrey Stein, Founder of the financial advisory firm Stein Partners, as its new CEO, Chief Restructuring Officer and member of the board of directors.”
Of the 31 additional stores set to be closed, seven are in California, four are in Pennsylvania, three each are in Ohio, Virginia and Washington, two each are in Michigan, New Jersey, Oregon and New York, and one store apiece will be closed in Connecticut, Maryland and Nevada, CNN reported.
Also Read: Massive Layoffs in California Now Underway Prior to Holidays
Other Economy News Today
Scrutiny grows as a massive bank now holds a customer’s money hostage without warning.
A Bank of America customer has urged people to take safety measures because his branch unexpectedly closed his account.
The person has had to wait weeks for the bank to return his money, but his own advice has saved him, reports The-Sun.
“Most Americans don’t know that banks can close your account without reason, and often, you’ll find out about it once it’s too late.”
A Reddit user says Bank of America failed to warn him that he was no longer a customer, even after the bank kept his money, which he had no access to.
“We looked through my transaction history and didn’t find anything suspicious. The poor lady was as clueless as me,” explained the Reddit user when referring to confronting his local branch.
“I have a pretty stable job with a reputable company that consistently direct deposits my paychecks, my checking account is only used to pay rent, credit card statements, my FICO score is 780+, Chex score 680, I have not bought any crypto recently,” he stated.
“I was lucky I had another checking account,” he said.
“I’d highly recommend people keep multiple accounts because your bank can just kick you out even if you’ve been with them for a decade.”
Although he eventually received access to his money, it took weeks.
Banks protect themselves when an account is flagged for suspicious activity, but as corporate America watches its own interest, customers are left vulnerable without access to their money or an immediate explanation, reports The-Sun.
“While Americans face the risk of their accounts getting closed, banks are shutting their doors altogether.”
Also Read: A Massive Bank Now Closes Several Branches in Florida
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