January 1, Rite Aid’s Rapid Store Closures Devastate Michigan and Ohio Residents
Rite Aid, one of America’s largest pharmacy chains, is closing down stores rapidly, profoundly impacting on Michigan and Ohio residents. Just last week, the pharmaceutical giant shuttered 27 outlets in Michigan and a further 13 in Ohio. This marks an ongoing downward spiral for the company as it had already closed 694 stores since declaring bankruptcy in October.
This alarming figure, just six shy of the “worst-case scenario” 700 stores initially predicted by a lone analyst prior to the bankruptcy filing, represents about 34% of the total 2063 stores Rite Aid operated at the time of its Chapter 11 bankruptcy announcement.
The pharmacy behemoth filed for bankruptcy protection in 2023 amid poor sales performance and legal issues linked to its alleged involvement in the opioid crisis. Operating one of the country’s largest pharmacy networks with around 2,100 outlets selling medicines, as well as food and hygiene items, the store closures are a significant blow to the chain’s operations.
In a report published on July 15, WHTM revealed that Rite Aid had closed 24 percent of its stores in New York, 22 percent in California, and 20 percent in Pennsylvania. The closures have been even more dramatic in Michigan and Ohio, where store closures have reached a staggering 75 and 74 percent respectively. Once among the pharmacy chain’s largest markets, Michigan and Ohio are at the brunt of Rite Aid’s downfall.
The company has struggled in the fierce competition against CVS, Walgreens, and Target. In response to the ongoing crisis, Rite Aid CEO Jeffrey Stein admitted the company was “burdened by unprofitable stores.”
WHTM’s recent report indicates that, following this wave of closures, “Rite Aid will operate 58 stores in Michigan and 48 stores in Ohio.” With Rite Aid’s future looking uncertain, these closures are a clear indication of the company’s struggle to stay afloat amid fierce competition and legal turmoil.
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Stephen J Thomas
August 2, 2024 at 7:20 pm
Just another example of the unintended consequences of fines, taxes, wage increases and other government over-reach. They say…. tax the rich, tax the corporations… but they are the ones that invest and employ people. The homeless man on the street does not pay anyone, he only survives on what people give through tax money, and donations.
Billions are being lost on EV Vehicles, if you think that is not being passed on, you have your head in the sand. Trillions are still sitting out of our economy as worries grow about the government seizing assets through fees, regulations and taxes.
Government is here… we should be afraid that the whole country goes bankrupt, not just Rite Aid.
Pamela
August 2, 2024 at 7:25 pm
Why couldn’t they keep the drug sections open i.e. apothecary?
Pp
August 3, 2024 at 9:51 am
Sad but keep biting Democrats and more will close
Frank RUPEKA
August 4, 2024 at 2:34 pm
If ?? You look at our country as a WHOLE ?? by that I mean , Jobs/ stores/ housing/ COVID SHOTS !! The GOVERNMENT !! has in its own Methodical trail of Cover ups/ deceit / misinformation/ Flip flopping on every issue there is ! so BAD ! not only does gov. say : Parents have no clue to THIER CHILD’s SEX !! only woke Teachers, and Government can say ??? To point of RITE AID !! The COVID ? conspirers ! act of TERROR/ Government testing complete POWER // It shut down MOM an POP stores !! Tell Business they HAVE to PAY extreme WAGES !! No matter if RAW ! Cost of a BURGER is $18.99 . You will Pay $20.oo wages even if no DINNER RUSH !!! No other OVER HEAD COSTS EXCEPTED !! Now moving on too the Criminal PEOPLE with all this EXTRA MONEY ! TRUMP FRIENDS ?? so they say ? BUT !! look into HISTORY of The ELETE HIGH SOCIETY FILTHY RICH ! so much from the nonlegal MOON SHINERS founding FATHERS ! that non of them have worked out of $12,00.oo Suit since ! Strange THING !! 99% give or take ? HAVE ALL BEEN DEMOCRATS !!! No mater !! The wealthy always want MORE ! But their GREED makes the JOBS that make the WORLD TURN !!! The main FACT !! If the GOVERNMENT DOES NOT HAVE THIER FINGER IN THE MONEY POT !!! Drive it OUT OF BUSINESS !!! then if ALL ELSE FAILS!! we will get W.H.O. to take over the WORLD HEALTH of all HUMANE’s. The GOVERNMENT!!! Will Open Care stores or business, that we RAN out of business. Plus W.H.O will control CLIMATE CHANGE/Guns. YES! IN nutshell. REAL CAUSE ! Who ever put Satan’s offspring in GOVERNMENT!!!!