This Massive Retailer Is Now Closing Stores in Illinois

A massive retailer is now closing stores in Illinois after announcing the closures of several locations nationwide.

CVS, the largest US chain, closed 244 stores between 2018 and 2020.

In 2021, it announced plans to close 900 stores by 2024.

Walgreens said in 2019 it would close 200 stores and in June announced an additional 150 store closures.

In addition, Rite Aid filed for bankruptcy in October and has announced plans to close over 250 locations.

The following three CVS locations will now close in Illinois:

  • The 8639 S. Cicero Ave. store in Chicago will close on January 17. Customers with prescriptions will have them transferred to the CVS pharmacy inside Target at 4120 W. 95th St. in Oak Lawn.
  • The CVS at 2000 Skokie Valley Road in Highland Park will close on January 25. Customers with prescriptions will have them transferred to the CVS pharmacy inside Target at 2099 Skokie Valley Road in Highland Park.
  • Finally, the CVS at 401 W. Armitage Ave. in Chicago will close on January 31. Prescriptions for customers will be transferred to CVS at 1714 N. Sheffield Ave.

CVS issued a statement on the closures.

“Maintaining access to pharmacy services in the communities we serve is an important factor we consider when making store closure decisions.

Other factors include local market dynamics, population shifts, a community’s store density, and ensuring there are other geographic access points to meet the needs of the community.

Aetna Better Health of Illinois Medicaid members can choose to fill their prescriptions at any nearby in-network pharmacy location convenient for them.”

Also Read: A US Company Now Declares An Unexpected Bankruptcy

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Market News Today - This Massive Retailer Is Now Closing Stores in Illinois.
Market News Today – This Massive Retailer Is Now Closing Stores in Illinois.

A health company is now at high risk of liquidation after filing for Chapter 11 bankruptcy and failing to sell itself.

Humanigen filed for Chapter 11 bankruptcy protection in January showing roughly $500,000 in assets and about $44 million in debt. 

Humanigen is a clinical-stage biopharmaceutical company focused on preventing and treating an immune hyperresponse called cytokine storm.

It created a drug, lenzilumab, designed to limit that response and help people recover from certain viruses faster.

The idea was promising but never received approval from the Food and Drug Administration. 

Humanigen was welcomed to submit more evidence, but it was never able to get approval for the drug, which essentially left it as a company without a product.

The company had warned of this potential outcome back in July, reports TheStreet.

“In light of the above, and the company’s limited cash and cash equivalents, the company anticipates that it will not be able to continue as a going concern and is exploring all restructuring options, which may include commencing a bankruptcy or other insolvency proceeding sometime in the third quarter of 2023,” Humanigen said.

The company made it one quarter longer than expected, but in the end it filed for bankruptcy and the result for shareholders will almost certainly be a bad one.

“The company is evaluating term sheets relating to potential sales of assets in a bankruptcy proceeding. Given the company’s lack of liquidity, any such bankruptcy filing may result in a complete or substantial loss of value for holders of our common stock” Humanigen added.

Also Read: Wells Fargo Now Warns of Massive Layoffs For 2024

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Market News Today - This Massive Retailer Is Now Closing Stores in Illinois.
Market News Today – This Massive Retailer Is Now Closing Stores in Illinois.

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