Rite Aid Is Closing Even More Stores Amid Bankruptcy, Starting Today
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Picking up your prescriptions is becoming harder and harder these days. Pharmacists at Walgreens and CVS have been striking against unsafe working conditions by walking out, leaving some pharmacies empty. But don’t transfer your prescriptions to Rite Aid in frustration: That pharmacy chain is experiencing troubles of its own, including a recent bankruptcy filing. Now, Rite Aid has announced additional closures of even more stores. Read on to find out which locations will be the next to go.
RELATED: These Are All of the Rite Aid Locations Closing Soon .
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On Oct. 15, Rite Aid filed for Chapter 11 bankruptcy protection in New Jersey, The New York Times reported. The pharmacy chain has been struggling with billions of dollars in debt, declining sales, and more than a thousand federal, state, and local lawsuits alleging that it filled illegal painkiller prescriptions.
Together, these problems have created “just kind of the perfect storm,” Sarah Foss , the global head of legal and restructuring at the financial services company Debtwire, told The New York Times .
“I think Chapter 11 is really the only option for somebody like a Rite Aid to get all of this settled. On a basic level, what bankruptcy does is it allows you to settle it all in one forum,” she explained.
RELATED: Big Pharmacy Crash: Walgreens Closing Stores and Rite Aid Declares Bankruptcy .
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As part of its bankruptcy filing, Rite Aid has decided to pare down its physical footprint. As of Sept. 3, the pharmacy chain had 2,253 stores in the U.S., NBC reported. But in Oct. 17 court documents, Rite Aid identified 154 locations marked as “initial closing stores.” According to the report, this first set of closures affects 15 states.
In a previous statement to Best Life at the time, a spokesperson for Rite Aid confirmed that some stores included in the Oct. 17 filing had already closed, while the remaining stores would be closing in the coming weeks. The spokesperson also indicated that the company would continue to update the store locator page on its website. According to the online tool, there are now 1,962 Rite Aid locations left in the U.S.
As it turns out, however, even more are headed for the chopping block.
RELATED: T.J. Maxx and Marshalls Are Closing Stores Starting Next Month—Here’s Where .
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In court documents filed on Nov. 2, Rite Aid revealed plans to close an additional 24 stores. The affected states for this group of closures include Michigan, Maryland, California, New York, New Jersey, Delaware, Washington, Pennsylvania, and Ohio.
Just a few days later on Nov. 7, the company filed another document that identified 15 more stores set to close throughout eight states: California, Maryland, Michigan, New Jersey, Ohio, Oregon, Pennsylvania, and Washington. With those filings combined, Rite Aid has now added an additional 39 closing stores, bringing the total up to 193 closures overall.
Best Life reached out to Rite Aid about the newly announced closures, and we will update this story with its response.
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Rite Aid has now identified nearly 200 stores it is closing following its bankruptcy filing. But this may not end up being the last update. Prior to the Chapter 11 filing, one person familiar with the process told The Wall Street Journal that Rite Aid had proposed the idea of closing anywhere from 400 to 500 stores in bankruptcy. That would mean that another 200 to 300 closures could be announced over time.
“Like all retail businesses, we regularly review each of our locations to ensure we are meeting the needs of our customers, communities and overall business,” the Rite Aid spokesperson previously told Best Life . “A decision to close a store is one we take very seriously and is based on a variety of factors, including business strategy, lease and rent considerations, local business conditions and viability, and store performance.”
T.J. Maxx and Marshalls Are Closing Stores Starting Next Month—Here’s Where
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Not only do off-price retailers offer steep discounts—they also provide something of a treasure hunt whenever you go in, because their inventory is always changing. Any good bargain hunter or shopper looking for unique finds probably knows where their nearest T.J. Maxx or Marshalls is located. But both retailers, which are owned by parent company TJX, just announced a new slew of closures in different U.S. regions. Read on to find out where T.J. Maxx and Marshalls are closing stores.
RELATED: 6 Banks, Including Wells Fargo and Bank of America, Closing Branches This Fall .
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The first store to close is a Marshalls store at Snyder Plaza in Philadelphia . The store will see its final day on Dec. 9, per a statement from TJX provided to The Philadelphia Inquirer .
“We are grateful for the loyalty of our Philadelphia customers,” the statement reads. The company also confirmed that the 60 associates employed at the South Philadelphia location would be offered positions at nearby stores.
RELATED: These Are All of the Rite Aid Locations Closing Soon .
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Another Marshalls store is closing in New York early next year, Insider reported. The store at 610 Exterior Street in the Bronx is officially closing to the public on Jan. 6, 2024, and 100 employees will be terminated “on, or around” Jan. 10, 2024, according to a notice filed with the New York State Department of Labor WARN Unit last month.
Per a separate WARN notice, a T.J. Maxx store located at 503 Fulton Street in Brooklyn is also closing to the public on Jan. 6, with its 69 employees terminated around Jan. 10.
A company spokesperson told Bronx News 12 that all employees from both locations would also be offered positions at other stores.
RELATED: Staples and Office Depot Are Closing Locations .
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The Midwest is losing a T.J. Maxx location as well. According to Block Club Chicago, the T.J. Maxx store on 1008 S. Canal Street in the South Loop neighborhood of Chicago , is shuttering on Jan. 6.
“We are always assessing and reviewing our real estate strategies, and our decision to close these stores reflects that thinking,” a TJX spokesperson told Best Life in a statement. “We have offered all our associates in these stores other jobs in nearby locations. We are grateful for the loyalty of our New York City, Chicago, and Philadelphia customers and invite them to visit our nearby stores to continue to find great values.”
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While the majority of closures are taking place after the holiday shopping season, TJX started shuttering stores last month. On Oct. 8, the T.J. Maxx in the Midway neighborhood of St. Paul, Minnesota , closed after 10 years in business, Axios reported. The retailer provided a similar statement about “assessing and reviewing real estate strategies,” also noting that 55 managers and associates from the location were offered jobs at other stores.
Additionally, as of Oct. 21, HomeGoods has shut down its online store. The news was announced in an email to customers on Oct. 18, Insider reported.
“It’s because of you that we’ve been able to grow to 900 stores strong (and counting), always delivering exceptional value! We are committed to bringing you an amazing experience—one that will continue to deliver a large selection of quality good at incredible savings,” the email reads, per a screenshot published by Insider. “In an effort to deliver on this vision, we’ve made the decision to focus our resources on our brick-and-mortar stores and will no longer offer online shopping after Oct. 21.”
HomeGoods went on to state that it has plans for several store openings—and it appears that the retailer is making good on that promise. It opened new stores in Richmond, Virginia , and Shelton, Connecticut , late last month, and on Nov. 9, it’s opening another location in Wichita Falls, Texas .
