Major Pharmacy Chain Announces Closure of 19 Stores in Michigan

If these major corporations can't even make it, what hope is there for the rest of us?

Consider this a sign of the times, I guess. In this post-Covid world it's something we hear all too often but that still doesn't make news of major layoffs and business closings any easier to handle.

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Although the changing economic landscape has hit small mom and pop shops the hardest it hasn't left Fortune 500 companies totally unscathed either!

Although the company has slowly been closing retail locations across the country the Wall Street Journal is reporting the major drugstore chain Rite-Aid is preparing to file Chapter 11 bankruptcy.

What Happened?

The Philadelphia-based drugstore chain has reported net losses over the last several quarters and has even go so far as to close 145 stores over the last year that have been underperforming.

In fact, the Rite Aid pharmacy in Coldwater, MI closed its doors in early 2023 and transferred prescriptions over to nearby Walgreens in the process. In a statement to local newspaper The Daily Reporter the drugstore company said,

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

It appears Rite-Aid's state of affairs have taken a turn for the worst as now 19 locations here in Michigan are slated to close their doors for good. Business Insider says the following stores will close: