This Massive Essential Retailer Now Closes in Ohio

This massive essential retailer now closes in Ohio after shutting several hundreds of locations down this year.

Rite Aid has announced more location closures in Ohio according to the company’s latest court filing.

On December 19, they listed 19 additional locations to close, including two more in Ohio.

Rite Aid filed for bankruptcy in October after incurring a whopping $3.3 billion in unpaid debt.

According to financial reports to the U.S. Securities and Exchange Commission (SEC), Rite Aid has lost approximately $3 billion since 2020.

In October, as part of their bankruptcy filing, they announced that 154 locations nationwide would close.

However, since that initial filing, Rite Aid has submitted several more notices advising additional closures, and the total number of store closures is almost 270, with 17 in Ohio.

Below is a list of Rite Aid stores closing in Ohio:

  • Massillon: 3129 Lincoln Way East
  • New Carlisle: 120 South Main Street
  • Dayton: 146 Woodman Drive
  • Youngstown: 2701 Market Street
  • Springfield: 401 West North Street
  • Bellefontaine: 230 South Main Street
  • Toledo: 3911 Secor Rd
  • Sylvania: 5890 Monroe St
  • Youngstown. 2800 Mahoning Ave
  • Mt Gilead. 510 West Marion Rd
  • Willowick. 30500 Lakeshore Blvd
  • 5033 Suder Ave, Toledo
  • 4332 Cleveland Ave, NW Canton
  • 501 Water St, Chardon
  • 5411 Superior Ave, Cleveland
  • 29000 Lorain Rd, North Olmsted (recently added to the list)
  • 5 East Ashtabula St, Jefferson (recently added to the list)

Also Read: A US Company Now Declares An Unexpected Bankruptcy

Other Economy News Today

Market News Today - This Massive Essential Retailer Now Closes in Ohio.
Market News Today – This Massive Essential Retailer Now Closes in Ohio.

A popular electric company now announces an unexpected bankruptcy leading to the sale of its assets after failing to recover from the pandemic.

The electric scooter company Bird, once valued at $2.5 billion by investors, filed for Chapter 11 bankruptcy protection in Florida federal court Wednesday, reports CNBC.

The company has entered into a “stalking horse” agreement, which sets a floor for Bird’s value, with its existing lenders, according to a release.

Bird said it will use the bankruptcy proceeding to facilitate a sale of its assets, which it expects to complete within the next 90 to 120 days.

The company’s electric scooters are “touted as an environmentally friendly alternative to driving and other forms of public transit.

They exploded in popularity before the onset of the Covid-19 pandemic, and the company raised more than $275 million in 2019, which pushed its valuation to $2.5 billion,” reports CNBC.

“But after customers stopped riding as they were forced into lockdown in 2020, Bird struggled to recover.

The company went public via a merger with a special purpose acquisition company in 2021, but its share price tumbled.”

Bird’s bankruptcy proceedings come after the New York Stock Exchange delisted the company in September.

Bird failed to comply with the exchange’s requirements after it was unable to keep its market capitalization above $15 million for 30 consecutive days.

The company’s shares began trading on the over-the-counter exchange later that month.

As of today, the stock is under $0.08.

Bird Canada and Bird Europe are not part of the company’s Wednesday filing and will “continue to operate as normal,” according to the release.

This is a developing story.

Also Read: Massive Layoffs in California Now Underway Prior to Holidays

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Market News Today - This Massive Essential Retailer Now Closes in Ohio.
Market News Today – This Massive Essential Retailer Now Closes in Ohio.

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3 Comments

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