Big Retailer with Locations in Massachusetts to File for Chapter 11
The retail business continues to struggle across the country. We recently saw Massachusetts-based retailer Christmas Tree Shops close its final locations a few weeks ago, Bed Bath Beyond went under as well and it was recently reported that CVS Health will be cutting over 100 jobs in Massachusetts alone and more in other New England states due to restructuring, cutting back on expenses, and reprioritizing the company's investments.
Another American Retailer That Has Locations Throughout Massachusetts is Ready to File For Chapter 11 Bankruptcy
Continuing on the struggling retail theme it was recently reported that Rite Aid is going to file for Chapter 11 bankruptcy. According to The Street here's the reason why the company is filing for Chapter 11.
The company is reportedly preparing a Chapter 11 filing because the nationwide pharmacy chain wants to restructure its $3.3 billion in debt. The filing would also give it some protection against lawsuits charging that it illegally filled hundreds of thousands of opioid prescriptions.
As a reminder, on March 14, 2023, the United States government sued Rite Aid for missing "red flags" as it illegally filled hundreds of thousands of prescriptions for controlled substances, including opioids from May 2014 to June 2019. We'll have to see what comes of this filing and what Rite Aid's future will be.
Over the past few years, many Rite Aid stores were scooped up by Walgreens but there are still some locations in Massachusetts including Greenfield, Webster, Clinton, Revere, Fall River, New Bedford, and Salem to name a few. You can search for a location near you by going here.