A massive chain now continues to close down in Texas executing part of its plan to shutter nearly 1,000 locations.
CVS chains continue to close nationwide with Texas communities taking the most recent hit.
“Disappointing news for residents of Waco, Texas, with one of the CVS stores in the city closing this week.
The CVS Pharmacy on New Mills and Valley Road Dr will close on October 26. CVS customers have been advised that prescriptions will be transferred to a nearby CVS location,” reports Ash Jurberg.
The company acknowledged the implications of physical locations closing down for patients.
“It’s stressful for a lot of patients. The thought of switching pharmacies can be very daunting, especially when you have patients that have a lot of medication,” said Sarah Walton, the company’s Director of Pharmacy Operations.
Earlier this year, CVS announced that 900 stores would be shut down by the end of 2026 as part of its ‘retail footprint strategy.’
Popular pharmacy retailer Rite Aid, recently filed for Chapter 11 bankruptcy shuttering stores nationwide.
Rite Aid operates over 2,330 stores in 17 U.S. states, but this number is declining. The chain recently closed a raft of stores – 145 closed in 2022, and 25 have closed this year so far.
“Aging baby boomers have been a significant tailwind for the company’s retail pharmacy sales; however, Rite Aid’s front-end sales are slowing because of competition and theft,” reports TheStreet.
“Aging baby boomers have been a significant tailwind for the company’s retail pharmacy sales; however, Rite Aid’s front-end sales are slowing because of competition and theft,” reports TheStreet.
“Rite Aid is also suffering because rising interest rates have caused variable interest on its debt to balloon.”
Also Read: A US Company Now Declares An Unexpected Bankruptcy
Other Economy News Today
A popular beer brand has now filed for an unexpected bankruptcy in efforts to reorganize the business and stay afloat, the company said.
Metropolitan Brewing, one of Chicago’s oldest craft breweries has filed for Chapter 11 bankruptcy “largely because it cannot afford to pay the back rent it owes its lenders,” reports TheStreet.
“Yeah, it’s true. Earlier this week, we filed for Chapter 11 bankruptcy protection.
This is the ‘reorganization’ type of bankruptcy, meant to help us right our ship.
The details are super boring. Importantly…
We are still open, and we have no current plans to change that status,” the company’s owners shared.
The company’s Chapter 11 filing blames its struggles on its rent.
The brewer moved to a new, more expensive, location in 2017 and is now unable to fulfill its obligations.
“The bankruptcy is being filed because while (Metropolitan) can pay market rent for the brewery space going forward . . . there is no way the (brewery) can ever repay the amount of back rent the landlord is seeking,” the Chicago Tribune reported the company shared in its filing.
“We still have plenty of fight in us. And we still believe in the beer we brew. We’ll get through this. It will just be easier — and way more fun — if you join us,” the company shared in a post reminding customers that it’s open year-round.
However, industry leaders say breweries in general are facing challenges nationwide.
“Honestly, it’s not just Portland, brewery sales are down nationwide,” said Larry Clouser who has owned multiple breweries in Oregon in an interview with KGW8.
“Within the last month, seven breweries and taprooms in Portland have closed or announced their upcoming closure.
Rising costs of operation, changes in consumer drinking habits, and the lingering effects of the pandemic have all affected the market,” reported an Oregon Public Radio.
Also Read: A New Wave of Massive Layoffs Now Hits Texas
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