Rite Aid is the latest company to join the growing list of retailers forced to close their doors due to the pandemic. The company recently announced that it will be closing more than 150 stores across the US as part of its bankruptcy process.
The struggling pharmacy chain declared bankruptcy in February of 2021, citing losses of more than one billion dollars due to the pandemic. For those affected, this is devastating news.
All of the stores closing will be Rite Aid-owned locations, and all of the employees at those locations will be laid off. Fortunately, the company is offering severance packages and job assistance for those who will be laid off.
The stores closing are spread across the country, from Florida to New York. Unfortunately, this comes at a time when many of us are already struggling financially due to the pandemic.
These store closures will hurt small town economies, especially those who are already struggling due to the pandemic. Without the tax revenue generated from these stores, many small towns may find it difficult to stay afloat.
In addition to the 150 stores closing, Rite Aid is also shutting down a distribution center in Fresno, California. This facility employed more than 200 people who will also be losing their jobs due to the closure.
As the pandemic rages on, more and more businesses are finding themselves in a financial crisis. We hope that other companies can find a way to stay afloat during these difficult times, and avoid such drastic measures.
