Latest news with #JoshuaClark
Axios
07-05-2025
- Business
- Axios
Rite Aid stores to close or be sold to new owner in bankruptcy
All Rite Aid stores will close or be sold to a new owner in the coming weeks and months as the struggling retailer goes through its second Chapter 11 bankruptcy filing. Why it matters: The Philadelphia-based drugstore chain is looking to sell both its pharmacy business and its stores, according to bankruptcy protection documents. Rite Aid bankruptcy 2025 The big picture: Rite Aid faced a host of problems following its previous bankruptcy, including inventory shortages as vendors played hardball with the company on trade terms. That "negatively impacted liquidity and prevented the company from replenishing its front-end stock," according to Fitch Ratings analyst Joshua Clark. "The lack of inventory led to decreased sales, particularly in high-margin front-end products, exacerbating liquidity problems." The company has also historically been "significantly burdened by its suboptimal lease portfolio," chief transformation officer Marc Liebman said in a court filing. What we know about Rite Aid closing stores By the numbers: The company has 1,240 stores in 15 states listed on its store locator website Wednesday. California has 347 locations, Pennsylvania has 345 and New York has 178 locations. The retailer has been closing stores for years before its 2023 bankruptcy filing, which it entered with more than 2,100 locations. Zoom in: In a letter to customers, Rite Aid says the "majority of our stores will remain open and operating for the next few months where you can continue to access pharmacy services and products in stores and online, including prescriptions and immunizations." "We are working to facilitate a smooth transfer of customer prescriptions to other pharmacies," the company said. What they're saying: "There have been some rumors about stores closing immediately and going dark, especially in New York. These rumors are not true," Alice Eaton, an attorney with the Cole Schotz law firm, said during a bankruptcy hearing Wednesday. Eaton noted five stores would close this week and said those locations are in: Portland, Oregon; Brooklyn, New York; Peterborough, New Hampshire; Vernon, Pennsylvania; and Cheshire, Connecticut. "We expect Rite Aid is likely facing ongoing challenges similar to its drug retail peers, including rate reimbursement pressure that is constraining pharmacy margins and increased front-end competition from lower-priced competitors in the discount, grocery, and ecommerce space," Fitch's Clar said. Rite Aid gift cards and returns State of play: Rite Aid says it will no longer honor its store gift cards or accept any returns or exchanges starting June 5. The company also has stopped issuing Rite Aid Rewards points on qualifying purchases. It says accrued points and BonusCash will expire per the standard terms and conditions. Is my Rite Aid closing? See the initial closing list An initial closing list in court documents lists 47 closing stores. What's next: More store closings are expected and possible sales of locations. "There are wildcards, such as Amazon, which could at least buy the Seattle native Bartell Drugs subsidiary. But this is a long shot," said Neil Saunders, managing director of GlobalData. "The most likely outcome is that other chains will cherry pick Rite Aid stores," Saunders said. "Some of these are in rural locations where the chain has more of a captive audience. However, this route would not necessitate a wholesale purchase of the brand or its assets."
Yahoo
11-02-2025
- Yahoo
Group attempts break-in at local gun shop
MERCER CO., Pa. (WKBN) — Pennsylvania troopers are investigating an attempted break-in at a Mercer County gun shop Sunday. The owner checked on the building after church and was amazed when he saw what the security cameras had recorded. Security cameras recorded a group of five people trying to get into the New Vernon Township business for 45 minutes at 5 a.m. Sunday. The signs of an attempted break-in at Griffin Arms were broken glass and a lock punched out with part of it on the ground. 'These people obviously don't have any regard for people's livelihoods, or, you know, they're criminals, right?' Owner Joshua Clark said. Clark is the owner of Griffin Arms. He noticed the damage on a routine check of the building on Sunday, a day it's closed. Clark built the place so no one could get in, feeling it was his responsibility as a Federal Firearms Licensee. 'Like, I don't want my people buying illegal guns and I don't want to have people breaking it in and making them illegal by putting them out on the street. You know what I mean?' Clark said. Last April, someone drove a truck into another Mercer County gun shop to get 20 automatic rifles. Last month, 23 handguns were taken from a Beaver Township store. Clark says these five left behind blood, hair and other items that PSP collected to use and identify them. 'They responded quickly. You know, the detectives came out, the troopers came out, and the forensic team came out and got a lot of data and evidence to place all these people. These types of robberies are attempted to try and get guns, ammo, and cash fast. Clark doesn't keep cash on site. He warns any other potential thieves that the firearms licensee community is tight. 'Young guys and girls… stop, you know, before you get hurt. You know, some — we're gonna not take this lightly. So you mess with the wrong people, for sure.,' Clark said. Clark has owned Griffin Arms for 10 years. He says this was the first time anyone tried breaking in. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
