Essential Retailers Are Now Making Painful Closures in California

Essential retailers are now making painful closures in California after businesses announced unexpected shutters nationwide.

Walgreens announced plans to close up to 25% of its stores nationwide, with 19 locations already marked for closure, including three in California.

This move comes as the company navigates a challenging operating environment in its industry.

“We continue to face a difficult operating environment, including persistent pressures on the U.S. consumer and the impact of recent marketplace dynamics which have eroded pharmacy margins,” said Walgreens CEO Tim Wentworth.

However, Walgreens is not alone in its struggles.

In October 2023, Rite Aid filed for Chapter 11 bankruptcy protection, citing a whopping $3.3 billion in unpaid debt and approximately $3 billion in losses since 2020, per the SEC.

As part of its restructuring plan, the company has shut hundreds of stores across the nation, including dozens in California.

Below is a list of these essential retailers slated to close in the state of California:

Walgreens

  • Placerville: 4220 Missouri Flat Rd
  • Sacramento: 840 El Camino Ave
  • Citrus Heights: 6199 Sunrise Blvd

Rite Aid

  • Los Angeles: 3230 West Slauson Avenue
  • Los Angeles: 11750 Wilmington Avenue
  • Los Angeles: 11 East Avenue 26
  • Lakewood: 5520 Woodruff Avenue
  • San Diego: 8694 Lake Murray Boulevard
  • Needles: 1020 East Broadway Street
  • North Hollywood: 11350 Victory Boulevard
  • Fontana: 9940 Sierra Avenue
  • Livermore: 968 Murrieta Boulevard
  • Hemet: 260 North Sanderson Avenue
  • Novato: 910 Diablo Avenue
  • Orange: 1825 East Chapman Avenue
  • Westminster: 6767 Westminster Boulevard
  • Studio City: 10989 Ventura Boulevard
  • La Crescenta: 2647 West Foothill Boulevard
  • Tustin: 630 East 1st Street
  • Susanville: 1615 Main Street
  • Redlands: 700 East Redlands Boulevard, Suite A
  • Moreno Valley: 24991 Alessandro Boulevard
  • Simi Valley: 1159 East Los Angeles Avenue
  • Colton: 2025 East Washington Street
  • Fresno: 4224 East Shields Avenue
  • Rancho Cucamonga: 9650 Baseline Road
  • Fountain Valley: 17904 Magnolia Street
  • Temecula: 39782 Winchester Road

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

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Market News Today - Essential Retailers Are Now Making Painful Closures in California.
Market News Today – Essential Retailers Are Now Making Painful Closures in California.

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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Market News Today - Essential Retailers Are Now Making Painful Closures in California.
Market News Today – Essential Retailers Are Now Making Painful Closures in California.

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