This essential retailer is now closing another 77 stores in 2024 after it filed for an unexpected bankruptcy late last year.
As part of its financial reorganization, Rite Aid plans to close an additional 77 stores this year, reports Retail Touch Points.
When it officially entered bankruptcy in October 2023, Rite Aid said it planned to close 154 underperforming stores, and in December 2023 multiple sources reported that Rite Aid planned to close an additional 31 locations.
According to the Rite Aid site, the pharmacy retailer currently operates just over 1,700 stores across the country.
California will see the most store closures, at least 21, followed by 10 stores closing in Ohio and nine in New York.
And according to financial reports to the U.S. Securities and Exchange Commission (SEC), Rite Aid has lost approximately $3 billion since 2020.
The essential retailer announced that more of its locations will be shuttering according to its latest court filing.
An additional 4 locations will shutter in Washington where the total combined with last year’s closures now add up to 27.
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Also Read: Clothing Retailer Now Makes Painful Decision To Close All Stores
Other Economy News Today
A massive shoe company is now laying off 150 employees at a major distribution center according to the latest WARN filing.
Wolverine World Wide is permanently closing its facility in Louisville, Kentucky, and laying off approximately 150 people, according to a WARN notice filed last week.
The company previously said its Saucony and Sperry brands would continue to operate out of its facility, however, the layoffs are expected to begin around May 3 for the 519,508-square-foot facility at 6001 Cane Run Road.
Wolverine sold the distribution center at the end of 2023.
The sale added a whopping $23 million in cash to Wolverine’s Q4 bottom line, and the company said at the time that despite the transaction, the Saucony and Sperry brands would continue to operate out of the facility under a lease agreement.
Wolverine said the site closures comes as it streamlines its operations as part of a previously announced restructuring plan.
The stated mission of that plan is to deliver $215 million in annual savings and stabilize the business by divesting the company’s noncore assets, reducing inventory, paying down debt and right-sizing its cost structure, reports RetailDive.
Wolverine sold Sperry to Authentic Brands Group and the Aldo Group in January of this year.
2023 was a year of Wolverine divesting several business lines, including Keds and its U.S. leathers business.
Sarah Davasher-Wisdom, president and CEO of Greater Louisville Inc., the chamber of commerce for Louisville, said her organization is getting in touch with Wolverine in hopes of connecting displaced employees with hiring companies in the region.
“Unfortunately, this news reflects challenges that companies in certain industries across the U.S. are facing due to changing consumer demands and inflationary pressures,” Davasher-Wisdom said in an email to sister publication Fashion Dive.
“However, we remain optimistic that our regional economy is in a strong position and believe that these kinds of announcements will be minimal across our region.”
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Also Read: Beloved Crafts Retailer Is Now At High Risk of Bankruptcy
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