Latest news with #Walgreens
Yahoo
4 hours ago
- Business
- Yahoo
Parents sue over son's asthma death days after inhaler price soared without warning
When 22-year-old Cole Schmidtknecht tried to get a refill on the inhaler prescribed by his doctor to prevent asthma attacks. The medication that had formerly cost him less than $70 at his Appleton, Wisconsin pharmacy was now priced at more than $500, according to Cole's father, Bil Schmidtknecht. Stunned, Cole left the store with a medication designed to stop asthma attacks once they start, but without the Advair Diskus inhaler he needed to prevent attacks from happening in the first place. Five days after his pharmacy visit last year, Cole had a severe asthma attack, stopped breathing and collapsed. He never regained consciousness and died. Doctors attributed his death to asthma. His parents, Bil and Shanon Schmidtknecht, blame what they say is a dysfunctional system where medications can change in price overnight and without notice. A part of the insurance system that many Americans don't know about was responsible for the spike in Cole's inhaler price. Pharmacy benefit managers, or PBMs, are the middlemen that control behind the scenes which drugs will be on an insurance company's list of covered medications (called its formulary). They add or subtract medications through a process that emphasizes profits for the pharmacy benefit manager by way of 'rebates' from drug makers, said Gerard Anderson, a professor of health policy and management at the Johns Hopkins University Bloomberg School of Public Health. PBMs 'are looking for the drug that makes them the most money,' Andersen said 'It's insane that it's happening in America,' Bil Schmidknecht said. 'It's not broken. It's designed to work this way. It's just hurting us.' The Schmidtknechts are pushing for legislation that would require a 90-day warning when an insurance company's formulary is changed. They are also suing Optum Rx, the PBM that took Cole's Advair Diskus off his insurance company's formulary, and Walgreens, his pharmacy, which, the Schmidtknechts say, didn't offer Cole a way to control his asthma while another solution could be found. The lawsuit claims that Cole did not get the required 30 days' notice of the change, that his doctor wasn't contacted and that the pharmacy didn't provide Cole with any more affordable options. The Schmidknechts said Cole left the pharmacy with only a rescue inhaler, which is used for quick relief. But that type of medication by itself isn't strong enough to keep someone out of the emergency room if the asthma attack is severe, Dr. David Bernstein, an immunologist who is a professor in the division of immunology, allergy and rheumatology at the University of Cincinnati, said. 'It was empty at his house, next to his bed,' Bil said of the emergency inhaler. In a motion to dismiss the Schmidkneckt's lawsuit, Optum Rx expressed 'its deepest sympathies' for Cole's death and said federal law prohibits the case from being brought in state court. Optum also said three alternatives, each with a $5 copay, were available, and its system instructed Walgreens to contact Cole's doctor about those options. Walgreens also offered 'its deepest sympathies and cited privacy for why it can't discuss specifics in the case. In a statement, it added, 'In general, in cases where a medication is not covered by insurance, pharmacy staff may work with the plan, patient, and/or prescriber in an effort to process and dispense the prescription if able.' Cole would be 24 now. When speaking about all the things he could have been doing, his parents nearly break down. 'He was just so young, and he had his whole life ahead of him,' Shanon said. 'And it was so preventable and so unnecessary.' For the Schmidkneckts, it's about policy change. 'Justice for Cole, of course, but bigger than that, justice for us all,' Shanon said. Getting that change won't be easy. In the U.S., just three PBMs process 80% of prescriptions. And a big part of the PBM formulary playbook is secrecy, Anderson said. That way, patients don't learn how PBMs make their decisions about drugs and why a medication that had been on the formulary no longer is. Often no one, from the patients to the drug companies to the insurers, is aware of the details of the decisions the PBMs are making. 'They do not share this information widely, as it is considered a trade secret,' Anderson said. The deals are 'a negotiation between the drug companies and the PBM,' Anderson said. 'The drug company wants their drug on the formulary in a favorable position. The PBM wants to get the largest possible rebate.' The 'rebate' is the difference between the list price for a drug and what the PBM can buy it for, which can be 'a very much lower number than the list price,' Anderson said. When there are multiple drugs that do essentially the same thing, then there's a bidding war, usually a silent one. The rewards for the PBMs can be huge. A Federal Trade Commission report released in January found that, over the past few years, the three biggest PBMs — CVS Health Caremark Rx, Cigna's Express Scripts and UnitedHealth Group's Optum Rx — inflated the costs of numerous life-saving medications by billions of dollars. The companies countered that the FTC report's conclusions were misleading. In January, CVS Health said in a statement that it 'is inappropriate and misleading to draw broad conclusions from cherry-picked 'specialty generic' outliers' and that the company's 'top priority is to make health care more affordable.' OptumRx said that it helped eligible patients save $1.3 billion last year and estimated that the median out-of-pocket payment for these patients was $5. To remember Cole, both his parents had a tattoo just like his inked onto their wrists. When they feel overwhelmed they glance down at it to remember the change they want to make in his honor. 'It's just everyone's little reminder, you know, from Cole to just keep living and that we can still be happy,' Shanon said. 'I keep trying to remind myself that happiness and joy and grief can co-exist.' We're reporting in depth on the systems surrounding our health care and insurance industries. If you are dealing with bills that seem to be out of line or a denial of coverage, care or repairs, whether for health, home or auto, please email us at Costofdenial@ This article was originally published on
Globe and Mail
10 hours ago
- Business
- Globe and Mail
Palantir's AIP Platform Sees Soaring Adoption Across Enterprises
Big data and AI specialist Palantir Technologies PLTR is gaining significant momentum with its Artificial Intelligence Platform (AIP), which is quickly emerging as the company's most powerful enterprise growth engine. AIP adoption is snowballing, pushing U.S. commercial revenue up 71% year over year and 19% sequentially in the first quarter of 2025, breaking the $1 billion annual run rate barrier for the first time. Total contract value in this segment skyrocketed 239% YoY, with deal sizes proliferating, more than double the number of $1 million contracts closed compared to last year. The company's AIP bootcamps, short, intensive training programs designed to help clients implement the platform, have surged in popularity. These sessions are enabling customers to deploy production-grade AI workflows quickly, drastically reducing time-to-value and highlighting AIP's usability. Palantir's AIP is enabling enterprises to deploy autonomous AI agents that drastically compress decision timelines and increase productivity not by percentages, but by multiples. Recently, Walgreens deployed AI-powered workflows to 4,000 stores in just eight months. AIG expects to double its five-year CAGR thanks to Palantir-driven technology, and a major healthcare client converted to a five-year, $26 million agreement just five weeks after a trial. While the market obsesses over AI model development, PLTR is dominating the demand side, delivering enterprise-ready solutions that generate quantified exceptionalism from day one. The U.S. commercial business now seems to be the company's most dynamic growth engine, and AIP is the accelerant. The Surge in Enterprise AI Integration Alphabet 's GOOGL Google, Microsoft MSFT, and Salesforce CRM are rapidly advancing generative AI. Microsoft integrates AI in Office via Copilot and expands Azure's AI. Google embeds AI in Workspace and enhances Vertex AI. Salesforce incorporates AI across its CRM, especially through Einstein Copilot and Data Cloud. Microsoft is also focusing on AI governance, while Google is strengthening AI security. Salesforce further refines dynamic customer experiences. Yet, Palantir stands apart, excelling in secure, high-stakes domains like defense and healthcare. Unlike Salesforce and Google's customer-facing tools, or Microsoft's broader approach, Palantir's AIP uniquely powers core operational decisions in ways Salesforce, Microsoft and Google have yet to match. PLTR's Price Performance, Valuation, Estimates The stock has surged a whopping 74% year to date, significantly outperforming the industry 's 7.6% rally. From a valuation standpoint, PLTR trades at a forward price-to-sales ratio of 70.99, well above the industry's 5.44. It carries a Value Score of F. The Zacks Consensus Estimate for PLTR's earnings has been on the rise over the past 30 days. PLTR stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Zacks Names #1 Semiconductor Stock It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom. With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028. See This Stock Now for Free >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Microsoft Corporation (MSFT): Free Stock Analysis Report Salesforce Inc. (CRM): Free Stock Analysis Report Alphabet Inc. (GOOGL): Free Stock Analysis Report Palantir Technologies Inc. (PLTR): Free Stock Analysis Report
Fast Company
13 hours ago
- Business
- Fast Company
Rite Aid store closures update: List of doomed locations keeps growing, now includes more than a third of all stores
As it prepares to sell off its remaining assets in the wake of a second bankruptcy filing, Rite Aid continues to move aggressively to close pharmacy locations that it no longer deems viable. The drugstore chain, which has already found buyers for most of its prescription business, has added another 111 retail drugstores to its rapidly growing list of doomed locations, a court filing revealed last week. The list includes pharmacies across 12 states, with California and New York being hit the hardest. Interested parties have until June 9 to object. Fast Company has reached out to Rite Aid to ask about the timeline of the closures. With this latest list, the pharmacy chain has now marked more than 470 stores for closure since the Chapter 11 process began about a month ago, comprising more than a third of Rite Aid's total fleet of 1,277 locations. The May 30 filing is its fourth notice of additional closures. Previous waves of closures were disclosed in earlier filings: Immediate fate of stores uncertain as wind-down continues Rite Aid had initially scrambled to sell off its prescription files amid concerns that a mass exodus of customers would diminish the value of its pharmacy assets. It quickly announced deals with CVS, Walgreens, Albertsons, and others. For most customers, that means their prescriptions will be transferred to an entirely different pharmacy and location. But only a handful of physical retail stores were included in those announcements, and the exact locations of those stores have yet to be released—leading to further uncertainty for Rite Aid customers and employees. Now time is running out for companies that may be interested in taking over additional Rite Aid locations before they close for good. Any such company was required to indicate its interest by last Friday. Bid submissions are due on June 18, with an auction planned for June 24 if necessary. In addition to physical stores, Rite Aid's remaining assets include the Thrifty ice cream brand, which is sold by third-party retailers in addition to being available at counters in many Rite Aid locations. The latest list of 111 Rite Aid stores marked for closure is below. California 15331 Baseline Avenue, Fontana, CA, 92336 1301 Munras Avenue, Monterey, CA, 93940 4010 Manzanita Avenue, Carmichael, CA, 95608 47985 Monroe Street Bldg A, Indio, CA, 92201 12511 Magnolia Boulevard, North Hollywood, CA, 91607 74958 Country Club Drive, Palm Desert, CA, 92260 1331 South Mission Road, Fallbrook, CA, 92028 26 Old Mammoth Road, Mammoth Lakes, CA, 93546 456 S Madera Avenue, Kerman, CA, 93630 740 Quintana Road, Morro Bay, CA, 93442 15025 Olympic Drive, Clearlake, CA, 95422 1021 Bridge Street, Colusa, CA, 95932 616 Alamo Pintado Road, Solvang, CA, 93463 4994 Joe Howard Street, Mariposa, CA, 95338 160 E Antelope Ave, Woodlake, CA, 93286 807 South Main Street, Yreka, CA, 96097 1935 N Street, Newman, CA, 95360 1500 Whitley Avenue, Corcoran, CA, 93212 616 East Hobsonway, Blythe, CA, 92225 2501 Highway 46, Wasco, CA, 93280 230 South Main Street, Angels Camp, CA, 95222 40 East Main Street, Quincy, CA, 95971 72253 Twentynine Palms Highway, Twentynine Palms, CA, 92277 159 West Polk Street, Coalinga, CA, 93210 1400 Linda Mar Boulevard, Pacifica, CA, 94044 199 North Fairview Avenue, Goleta, CA, 93117 20 East 18th Street, Antioch, CA, 94509 1110 Los Osos Valley Road, Los Osos, CA, 93402 345 Town Center West, Santa Maria, CA, 93458 2405 South Broadway, Santa Maria, CA, 93454 1220 Broadway, Placerville, CA, 95667 725 South Fortuna Boulevard, Fortuna, CA, 95540 1710 California Street, Escalon, CA, 95320 2700 Oro Dam Boulevard East, Oroville, CA, 95966 4830 J Street, Sacramento, CA, 95819 9700 Panama Lane, Bakersfield, CA, 93311 14115 Lakeridge Circle, Magalia, CA, 95954 7900 West Sunset Boulevard, Los Angeles, CA, 90046 Connecticut 190 East Avenue, Norwalk, CT, 06855 1387 New Haven Ave., Milford, CT, 06460 Delaware 444 Savannah Road, Lewes, DE, 19958 Maryland 7 Westminster Shopping Center, Westminster, MD, 21157 505 Linden Avenue, Pocomoke City, MD, 21851 4600 West Northern Parkway, Baltimore, MD, 21215 New Hampshire 51 South Main Street, Newport, NH, 03773 14 Peterborough Street, Jaffrey, NH, 03452 315 West Main Street, Hillsboro, NH, 03244 136 Meadow Street, Littleton, NH, 03561 10 Main Street, Winchester, NH, 03470 89 Nh Route 25, Meredith, NH, 03253 New Jersey 3400 New Jersey Avenue, Wildwood, NJ, 08260 New York 40 West Main Street, Springville, NY, 14141 81 West Main Street, Gowanda, NY, 14070 1511 Route 22 Suite A, Brewster, NY, 10509 3795 East Main Road, Fredonia, NY, 14063 153 Prospect Street, Attica, NY, 14011 2175 South Park Avenue, Buffalo, NY, 14220 480 Evans Road, Williamsville, NY, 14221 1000 Pennsylvania Avenue, Elmira, NY, 14904 5224 Fifth Avenue, Brooklyn, NY, 11220 350 Niagara Street, Buffalo, NY, 14201 1941 Seneca Street, Buffalo, NY, 14210 424 Elmwood Ave., Buffalo, NY, 14222 419 Division Street, North Tonawanda, NY, 14120 476 William Street, Buffalo, NY, 14206 6000 Transit Road, Depew, NY, 14043 3987 Lockport Olcott Road, Lockport, NY, 14094 320 Main Street, Beacon, NY, 12508 284 Connecticut Street, Buffalo, NY, 14213 963 Fairmount Avenue We, Jamestown, NY, 14701 140 Pine Street, Hamburg, NY, 14075 6616 Lincoln Avenue, Lockport, NY, 14094 9160 Main Street, Clarence, NY, 14031 5447 Main Street, Williamsville, NY, 14221 338 West Washington Street, Bath, NY, 14810 9062 Erie Road, Angola, NY, 14006 1631-43 Pitkin Avenue, Brooklyn, NY, 11212 103 Hawkins Drive, Montgomery, NY, 12549 5335 West Genesee St Ste 20, Camillus, NY, 13031 50 East Montauk Highway, Hampton Bays, NY, 11946 6939 Erie Road, Derby, NY, 14047 12983 Main Road, Akron, NY, 14001 2325 Grand Island Blvd., Grand Island, NY, 14072 8079 North Main Street, Eden, NY, 14057 100 Conhocton St, Corning, NY, 14830 5999 South Park Avenue, Hamburg, NY, 14075 1454 Union Road, West Seneca, NY, 14224 2898 Westinghouse Road, Horseheads, NY, 14845 798 Harlem Road, West Seneca, NY, 14224 Oregon 448 Ne Hwy 99W, Mcminnville, OR, 97128 1900 Sw Court Place, Pendleton, OR, 97801 30 East Oak Street, Lebanon, OR, 97355 Pennsylvania 164 West Chelten Avenue, Philadelphia, PA, 19144 Vermont 12 North Main Street, Randolph, VT, 05060 1823 Vermont Route 107 #2, Bethel, VT, 05032 Virginia 2305 Oaklawn Boulevard, Hopewell, VA, 23860 10 Willow Oaks Blvd, Hampton, VA, 23669 3005 Old Mill Road, Chesapeake, VA, 23323 Washington 412 East College Way, Mt. Vernon, WA, 98273 520 West Washington Street, Sequim, WA, 98382 8500 35th Avenue Ne, Seattle, WA, 98115 500 South Pioneer Way, Moses Lake, WA, 98837 4920-A Evergreen Way, Everett, WA, 98203 4117 Kitsap Way, Bremerton, WA, 98312 31645 State Route 20, Oak Harbor, WA, 98277 1630 South Grand Avenue, Pullman, WA, 99163 621 South Lincoln St., Port Angeles, WA, 98362 1850 South Mildred Street, Tacoma, WA, 98465 3909 Hoyt Ave, Everett, WA, 98201
New York Post
14 hours ago
- Business
- New York Post
CVS to shutter 5 pharmacies in New York amid closure of 271 stores nationwide
CVS is closing five stores in New York State this year as part of a sweeping plan to shut down 271 locations nationwide in 2025, marking the latest round of cuts in a years-long downsizing effort by the pharmacy giant. The affected New York stores include locations in North Tonawanda, Staten Island, Manhattan and two in Albany, according to a list compiled by Newsweek and coupon site Krazy Coupon Lady. The closures are part of a broader corporate strategy to streamline operations following the shutdown of approximately 900 CVS stores between 2022 and 2024. 3 CVS is closing five stores in New York State this year as part of a sweeping plan to shut down 271 locations nationwide in 2025. SOPA Images/LightRocket via Getty Images The five New York locations slated for closure include two stores in Albany, at 153 Central Avenue and 1026 Madison Avenue; a Manhattan location at 1241 Lexington Avenue; a store in North Tonawanda at 955 Payne Avenue; and a Staten Island location at 1654 Richmond Avenue. In the last 10 years, New York City has lost nearly half of its drugstores amid a sharp increase in incidences of shoplifting and an overall decline in quality of life. While CVS has not publicly disclosed a full list of locations or exact closure dates, a company spokesperson said the decisions were driven by multiple factors, including 'population shifts, consumer buying patterns, store and pharmacy density, pharmacy care access, and community health needs.' The spokesperson added that the closures are part of a larger 'enterprise-wide restructuring plan' designed to simplify CVS's business model and generate more than $500 million in annual savings. The company is also aiming to consolidate its retail footprint while investing in new models of care, such as in-store clinics and digital services. Despite the store closures, CVS said it plans to open 30 new pharmacy locations this year, many of them inside Target stores. As of the end of 2024, the company operated around 9,000 locations nationwide. 3 The affected New York stores include locations in North Tonawanda, Staten Island, Manhattan and two in Albany. CVS CVS's downsizing mirrors similar moves by other major pharmacy chains grappling with inflation, shrinking margins, and shifts in how Americans fill prescriptions. Walgreens announced last fall it would close more than 1,200 stores, including locations in New York. Rite Aid, once the third-largest pharmacy chain in the US, is now in the process of shuttering all of its remaining stores. Rite Aid filed for bankruptcy in October 2023 and again this spring, weighed down by nearly $4 billion in debt and multiple lawsuits related to its role in the opioid crisis. In the months since, the Pennsylvania-based company has announced plans to sell off assets and eliminate jobs after failing to secure new financing. Rite Aid has already sold the pharmacy operations of more than 1,000 stores to rivals including CVS, Walgreens, Albertsons, Kroger and Giant Eagle. 3 Rite Aid filed for bankruptcy in October 2023 and again this spring, weighed down by nearly $4 billion in debt and multiple lawsuits related to its role in the opioid crisis. REUTERS CVS is set to acquire 625 Rite Aid pharmacies across 15 states, as well as 64 full stores in the Pacific Northwest. Those transactions still require approval from a federal bankruptcy court in New Jersey. 'These agreements ensure our pharmacy customers will experience a smooth transition while preserving jobs for some of our valued team members,' Rite Aid CEO Matt Schroeder said in a statement. For now, Rite Aid says its stores will remain open during the bankruptcy process, with customers able to pick up prescriptions and schedule vaccines as usual. But with only 1,240 stores left — down from more than 2,400 just two years ago — the company is expected to close about 10% of its remaining footprint in the coming months. As CVS, Walgreens and Rite Aid all scale back, analysts say the retail pharmacy sector is undergoing a dramatic transformation, shaped by online competitors, changing consumer behavior and persistent financial pressures.
Newsweek
2 days ago
- Business
- Newsweek
List of Stores Closing in June
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Major retailers like Walgreens, Rite Aid, McDonald's CosMC, and TD Bank locations are all preparing to bid farewell to customers in June. Why It Matters Companies close store locations for many reasons. While shifts in consumer shopping behavior and lower demand can cause stores to close, corporations often choose to shutter underperforming locations. The retail sector faces several challenges in today's economy. Many shoppers have turned to online platforms, causing companies to reassess their brick-and-mortar presence. More than 2,500 store closures are planned across the United States this year, according to The Mirror. A Walgreens in San Francisco, California, as seen on April 30, 2025. A Walgreens in San Francisco, California, as seen on April 30, 2025. Smith Collection/Gado/Getty Images What To Know Closures scheduled for this month include: All McDonald's CosMC locations 38 TD Bank locations 47 Rite Aid stores Walgreens locations McDonald's is closing all five of its CosMC locations after launching the small-format stores in 2023. These units specialized in beverages while offering limited food options. "What started as a belief that McDonald's had the right to win in the fast-growing beverage space quickly came to life as a multi-location, small-format, beverage-focused concept," McDonald's said. "It allowed us to test new, bold flavors and different technologies and processes – without impacting the existing McDonald's experience for customers and crew. By creating a learning lab – in a way that only McDonald's can – the CosMc's team was able to test and learn in real customer-facing environments, which allowed for greater agility and speed. Quick adds and edits to the menu based on feedback led to more focused choices for our fans as the test continued." The chain reported that same-store sales declined 3.6 percent in the first quarter of 2025 compared to the same period in 2024. "CosMc is just another example of a failed experiment," Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek. "I think they were trying to compete with the likes of Starbucks and Sonic with the beverage-focused drive-thru and drive-in concept, and it simply did not produce enough sales to justify a stand-alone location." TD Bank is closing 38 locations, with six of them slated for Massachusetts. Despite this, TD Bank opened two new locations in New York (Brighton Beach in Brooklyn and Jerome Avenue in the Bronx) and one store in Boston (Nubian Square). For Rite Aid, 47 stores have been identified across nine states to close as the company navigates a bankruptcy filing. Nearly all of the 1,240 stores will likely be listed for sale eventually, but customers can use gift cards or rewards until June 6. Walgreens will also be shuttering 1,200 underperforming stores across the span of three years. CEO Tim Wentworth previously said the drugstore chain had closed 2,000 stores over the last decade. "We are confident it will yield significant financial and consumer benefits over the long term," Wentworth said. The company reported a $3 billion loss in the last quarter of fiscal year 2024, an increase from the $180 million loss in the prior year. June closures include Salinas, California; Jacksonville and Miami, Florida; Chicago, Illinois; Pleasantville, New Jersey; New York City and Syracuse, New York; Durham and Raleigh, North Carolina; Garfield Heights and Reynoldsburg, Ohio; Bremerton, Washington. Several stores are also closing in West Virginia and Massachusetts. West Virginia Clendenin, Elk River Road N. – June 25 Follansbee, Main Street – June 11 Mullens, Moran Avenue – June 23 New Martinsville, 3rd Street – June 10 Oceana, Cook Parkway – June 26 Whitesville, Lewis Street – June 24 Massachusetts Brockton, Pleasant Street – June 23 Fall River, S. Main Street – June 26 Gloucester, Eastern Avenue – June 23 Springfield, Boston Road – June 24 Swansea, Wilbur Avenue – June 23 Webster, Main Street – June 24 Worcester, Grafton Street – June 25 "Walgreens kept adding retail locations for too long in the face of increased competition," Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek. "Foot traffic has slowed for Walgreens as more big-box stores and online outlets added pharmacy services. Add to slower sales the evermore stringent regulations, decreased reimbursements, and increased cost of they can weather that storm for a while, the only survival plan is to close more retail locations." What People Are Saying Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "For some major retailers, 2025 is becoming a year of consolidation. Retail locations that have struggled in recent years to remain profitable due to rising costs and less demand are being shuttered, as companies focus their efforts on more successful stores. The hope is these closures will ultimately produce more fiscal and operational efficiency, but it will come at the cost of customers who favored these locations having fewer options." Michael Ryan, a finance expert and the founder of told Newsweek: "These aren't random casualties; they're strategic amputations of unprofitable limbs to save the corporate $15+ minimum wages to supply chain inflation, all crushing their razor-thin margins. Combine this with the march of e-commerce and changing consumer habits post-pandemic, physical retail becomes a luxury many companies can no longer afford." Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "From day one, CosMc's felt like a misstep, but let's not forget McDonald's isn't just a burger joint; it's a real estate empire. This was an unfortunate experiment that did not pan out the way they had hoped." What Happens Next Beene called the closures by many of the companies a "smart move." "We've seen many retailers face bankruptcy before finally scaling back. It's a good sign these retailers are being more proactive," Beene said. However, consumers should expect longer drives to pharmacies and fewer banking branches. "The companies making these cuts are trimming fat. Convenience now trumps proximity, and efficiency will beat ubiquity every time," Ryan said.
