Essential Retailer Now Makes More Unexpected Closures

An essential retailer now makes more unexpected closures in New York, New Jersey, Pennsylvania, and in Virginia.

On May 7, Rite Aid filed a notice of additional closing stores in the U.S. Bankruptcy Court for the District of New Jersey, which listed four locations that it will shut down in New York City; Philadelphia; Virginia Beach, Va.; and Sewell, N.J.

Rite Aid last filed notices for additional closures on April 26 to close seven additional locations in the Midwest and East and on April 23 to close 16 stores across the nation, per TheStreet.

The latest Rite Aid store closures bring the amount of shuttered locations to 349 of the original 2,100 stores that were open in the U.S. when the company filed for Chapter 11 bankruptcy.

The drugstore chain initially filed an Oct. 17 motion to reject store leases and close 154 stores.

The retailer faced strong competition from its rivals including CVS (CVS), Walgreens Boots Alliance, Walmart, Costco, Amazon and investor Mark Cuban’s CostPlus Drug, which contributed to the debtor’s financial woes.

The company was also a defendant in a civil lawsuit filed against it by the Department of Justice in March 2023, which alleged that the chain’s pharmacists inappropriately filled opioid prescriptions, contributing to the opioid epidemic.

The bankruptcy filing provides an automatic stay of any further legal action against the debtor in the lawsuit while the Chapter 11 case proceeds.

It also provides the company the opportunity to negotiate a settlement at a potentially lower amount than outside of bankruptcy, reports the outlet.

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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

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Market News Today - Essential Retailer Now Makes More Unexpected Closures.
Market News Today – Essential Retailer Now Makes More Unexpected Closures.

Another massive retailer is now closing due to crime despite its location being a community staple for several years.

Rampant theft has led Walgreens to permanently close one of its major locations at the White Oak Shopping Center in Maryland, reports The-Sun.

Staff and shoppers told ABC affiliate WJLA-TV that the store was closed due to high rates of theft and crime.

Mobile security cameras were recently added by police in the parking lot around stores in the shopping center.

A source also told WJLA-TV that the shopping center’s management company had to fire their security company and hire a new one.

Just last year, there was an armed robbery inside Walgreens, resulting in a man and a woman taking an unknown amount of money and products.

Robberies have become a major problem in the area as stores get ransacked by violent thieves.

A resident told the outlet she was too scared to leave her car in the shopping center’s parking lot.

She says she saw another woman get assaulted and robbed.

“You can simply be walking and they take your purse and start running and they leave you with nothing,” said Sarah Rodriguez.

“That’s why when I’m here before I get out of my car I always look around first.”

Walgreens corporate execs announced earlier this year that about 150 stores will be closed throughout the US.

This would reduce the company’s corporate staff by about 10%, resulting in over 500 positions being eliminated.

News of a replacement for the store in the White Oak Shopping Center hasn’t been announced.

However, the center has been struggling to replace the Sears location that has sat vacant for over three years.

“Yeah, it’s not good, because everyone is complaining,” said resident Kokou Eafbo.

“This is the only pharmacy we have in this area and suddenly they close, we don’t understand.”

The shopping center had once been a thriving area full of shops in Montgomery County, reports The US Sun.

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Market News Today - Essential Retailer Now Makes More Unexpected Closures.
Market News Today – Essential Retailer Now Makes More Unexpected Closures.

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