An essential retailer now makes unexpected closure in Washington, a trend seen nationwide after its bankruptcy filing last year.
Rite Aid’s financial troubles have been escalating since the closure of the Wenatchee store in March 2020.
In October 2023, the company filed for Chapter 11 bankruptcy with over $3.3 billion in debt.
Lawsuits related to opioid painkiller prescriptions played a role, leading to a plan to close a significant number of underperforming stores across 17 states.
Now the essential retailer is closing stores in Washington.
However the impact also extends to California, affecting communities and sparking concerns about the overall state of the pharmacy industry.
Initially, Rite Aid planned to close 154 stores nationwide, but recent reports indicate a significant uptick.
The company has now announced the closure of 72 more locations, including 22 in California and four in Washington State.
The affected Washington locations include:
- 1820 N 45th Street, Seattle
- 1825 Broadway, Everett
- 2028 East Isaacs Avenue, Walla Walla
- 23940 NE State Route 3, Belfair
Rite Aid’s competitors are facing similar challenges.
Walgreens is undergoing staff reductions, as well as store closures nationwide.
The retailer is now laying off 145 employees, mostly in its corporate workforce, a spokesperson confirmed.
In November, Walgreens laid off 5% of its corporate workforce, capping off a year of hundreds of announced store closures, a previous round of layoffs and turnover in the C-suite.
The latter included the departure of its CEO, CFO, CIO, chief medical officer and chief marketing officer, Retail Dive reports.
For more news and updates like this, opt-in for push notifications.
Also Read: A Grocery Store With 900 Locations Now Makes Unexpected Closure
Other Economy News Today
A massive beverage distributor now shutters in Texas and will lay off 109 employees starting in late February.
Jumbo Beverages, a subsidiary of Glazer’s Beer and Beverages, is permanently shuttering a warehouse in Grapevine, Texas, on Feb. 29, according to a WARN filing.
The closure will impact 109 employees, with a majority of the layoffs expected to occur on Feb. 29, while remaining employees will be separated on April 30, according to a notice emailed to Supply Chain Dive.
The letter didn’t state why the distributor is closing its warehouse.
Jumbo Beverages is a subsidiary of distributor Glazer’s Beer and Beverage, and represents 34 beverage companies, including Nesquik, San Pellegrino and Fiji Water, across 13 counties in North Texas, according to the company’s website.
While Jumbo Beverages may be closing its facility, other beverage distributors have been investing in their warehouse operations.
Southern Glazer’s Wine and Spirits, for instance, is planning to deploy AI technology and robotics warehouse automation in select distribution centers by 2025, reports Supply Chain Dive.
“The tech aims to improve order accuracy, fill rates and increase capacity.”
For more news and updates like this, opt-in for push notifications.
Also Read: A Popular Clothing Retailer Now Begins An Unexpected Liquidation
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Also, thank you to all of our blog sponsors.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Scroll below to view my stock purchases this month!
You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.
Frank Nez’s Stock Portfolio
Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?
Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.
11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.
Recommended For You ✨
About The Author
Leave your thoughts below.
For more news and updates like this, opt-in for push notifications.