A massive retailer now shutters more major locations in Ohio after the company filed for unexpected bankruptcy last month.
Rite Aid filed for bankruptcy in October after incurring a whopping $3.3 billion in unpaid debt.
Its stock price is currently down more than -93% this year-to-date.
As part of its initial bankruptcy filing, Rite Aid announced that 154 locations nationwide would soon close, including locations in Ohio.
Since then, they have filed four more updates, with the total number of closures now totaling 237, including thirteen in Ohio.
The stores closing have been underperforming and will be closed “to further reduce rent expense and strengthen overall financial performance,” says Rite Aid spokesperson Catherine Carter.
The following Rite Aid stores will now permanently close 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.
The Sun reports that some customers are experiencing delays in receiving their medications.
Unfortunately, the closure of these essential retailers is leading to what’s known as ‘pharmacy deserts’.
“Pharmacy deserts have been a longstanding issue that has gotten worse with recent closures of both independent and chain pharmacies.
When pharmacies close, there are some people who stop taking their medications — especially if they live in pharmacy deserts.
Others may take time off work or delay picking up their prescriptions.
The mass closure of pharmacies fail vulnerable communities,” says Dima Qato, an associate professor at the University of Southern California School of Pharmacy.
Other Economy News Today
Chase bank now announces new unexpected branch closures which have been confirmed to shutter within the next three months.
The upcoming shutdowns are set to impact customers across the country, from California to New York.
But, it’s not all bad news for Chase bank users, reports The-Sun.
185 new branch locations are still set to open across the US this year.
The closures were announced in the weekly bulletins produced by the Office of the Comptroller of the Currency.
By law, banks must notify the OCC at least 90 days before closing down a branch.
According to the OCC, at least 24 Chase branches are due to close over the next three months with closures likely to come into force by February at the latest.
Branches in the states of California, Colorado, Michigan, Illinois, Indiana, and New York will shutter.
There will be bank closures in major cities like Chicago, San Diego, San Francisco, and Seattle over the coming months.
Branches across Ohio and Connecticut will also close.
“Chase has seen a raft of branch shutdowns over the year after bosses warned it would close more than 140 premises across the US.
The closures come in line with a shift toward online banking,” says The-Sun.
A spokesperson for the banking giant said the company has made significant investments in new branches.
At least 15 new branches have been scheduled to open over the coming months, according to the OCC’s bulletin published for the period November 11-18.
They stated that the company is on track to open a new branch every day in November and December.
“Our goal is not to have the most branches – but to have the right branches, in more communities, serving the financial needs of our customers,” said Chase in a statement.
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