Popular Store May Be Closing Many Locations In New York Soon

Another popular chain may be closing stores in New York State soon. This news is concerning, considering another retailer is also closing many locations around the state.

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Before the recent retailer announced its closing, Rite Aid announced it will be closing many locations due to bankruptcy.

Massive Retailer In New York State To File Bankruptcy, Close Many Stores

A huge retailer in New York State is filing for bankruptcy. Many stores will be closing across New York State.

NEW YORK, NEW YORK - AUGUST 28: A Rite Aid store stands in Brooklyn on August 28, 2023 in New York City. Rite Aid, a national chain retail pharmacy and convenience store with thousands of locations across the country, is preparing to file for Chapter 11 bankruptcy as it faces increasing financial stress related to opioid lawsuits and other financial pressures. (Photo by Spencer Platt/Getty Images)

More: Big Banks Closing Multiple Locations In New York State This Summer

In its Annual Report released in May, Rite Aid said,

Although we believe we have adequate sources of liquidity to meet our anticipated requirements for working capital, debt service and capital expenditures through at least the next twelve months, the costs associated with these legal proceedings are impossible to estimate with certainty, could exceed any applicable insurance coverage, and could significantly impact such liquidity.

According to The U.S. Sun, Rite Aid recently closed a location in Ridgewood, New York. It closed 25 stores earlier this year. New York locations included in the closings were:

-291 W. Ferry St. in Buffalo
-1625 Broadway St. in Buffalo
-1717 Pine Ave. in Niagara Falls
-535 Portland Ave, Rochester, NY 14621
-97th and Columbus, Manhattan NY

Rite Aid currently lists 257 locations or more than 10 percent of its total number of stores in New York State. There is no word on which remaining New York locations will close.

CVS Announces It Is Closing Hundreds Of Stores

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With Rite Aid announcing the closing of stores, and now CVS, some cities in New York State may be left with a limited number of pharmacies.

According to The Street, CVS is planning on closing up to 900 stores before 2024, which is only 3 months away. It is launching a new company called Cordavis. CVS has almost 600 stores in New York State, so it is likely that we will have stores that close.

The company had previously announced in 2021 that it would be closing 300 stores,

The company has been evaluating changes in population, consumer buying patterns and future health needs to ensure it has the right kinds of stores in the right locations for consumers and for the business. As part of this initiative, CVS Health will reduce store density in certain locations and close approximately 300 stores a year for the next three years.

The company has already closed a store in Albany.

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