Major Retailer Closing All Its Stores In New York

A major retailer announced that it will close all its remaining stores in New York. This year was supposed to bring back a golden age in America, but the opposite seems to be true. Many corporations are laying off large numbers of employees, and some are shuttering their locations. This is on top of predicted supply shortages and massive price hikes. Are we great yet?

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In a letter to employees, Rite Aid announced that it is going to close all of its stores in New York. Rite Aid CEO Matthew Schroeder sent the letter to its employees yesterday, Monday, May 5, 2025. Rite Aid will close all 178 of its stores across the state in June, per 7 News. The company has filed for Chapter 11 bankruptcy for a second time in as many years.

While Rite Aid's financial woes have been a long time coming, Schroeder says the current financial climate and downturn forecast played a part in the decision, writing in the letter,

"The dramatic downturn in the economy, potential litigation, and increased costs (including tariffs) from our suppliers and landlords have necessitated employee separations that were unforeseen, as we were actively seeing funding and pursing several alternative strategic transactions with the hope that this action could be avoided or postponed."

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The company said it is working to ensure customers don't have interruptions in their pharmacy services. If you have been getting your prescriptions filled at Rite Aid, you may want to start looking for a new pharmacy now. If you love bargain shopping, you might be in for some great deals. The retailer plans to liquidate its inventory.

The layoffs in New York will begin on June 4. It seems like we're in store for some tough financial times, which sucks since our economy had finally recovered from COVID.