Legendary pharmacy and Walgreens rival to close three more stores – see if your area is impacted
RITE Aid has announced it will be closing three locations in the same area.
The pharmacy chain closed a store in western New York last week and plans to close two more this week.
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The 1717 Pine Avenue location in Niagra Falls closed on May 4.
Meanwhile, two locations in Buffalo are slated to close next week.
The 1625 Broadway store is scheduled to close on May 8, and the 291 W. Ferry Street location will follow on May 11.
Rite Aid issued a statement regarding the closures of WKBW in Buffalo.
“A decision to close a store is something we take very seriously and is based on a variety of factors, including business strategy, lease and rental considerations, local business conditions and profitability, and store performance,” said Rite Aid.
Rite Aid promised to try to transfer all recipes to nearby locations.
The company will also try to find employment for laid-off employees in other stores.
The closures follow other other closures in the Empire State.
Rite Aid just closed a location in Rochester, New York last week.
The Walgreens and CVS rival continues to look for ways to reduce its footprint after closing 145 ailing locations last year.
RETAIL PROBLEMS
Rite Aid is one of many big chains that have had to deal with major turbulence in recent years.
Many previously successful stores have struggled to cope with both the rise of e-commerce and the ongoing economic impact of the Covid-19 pandemic.
Housewares giant Bed Bath & Beyond filed for bankruptcy last month.
The retailer had closed hundreds of stores to avoid bankruptcy before declaring Chapter 11.
The company is now conducting a months-long liquidation sale until it is scheduled to finally close in June.
Bed Bath & Beyond could survive in some form beyond that if it finds a buyer in the next few weeks.
As with Bed Bath & Beyond, Party City has closed dozens of locations across the country as it struggles through its bankruptcy.
Nevertheless, Party City wants to survive its bankruptcy.
Even the most successful retailer in the world struggles in some locations.
Walmart closed dozens of stores just last month.
Grocery chains are also struggling to stay open.
And some fast-food favorites have also struggled to stay afloat.