Beloved Store Could Be Closing All Locations in New York State?
Ever since the pandemic began, there has been numerous business that have closed or has been forced into financial hardships.
Retailers and restaurants, both locally and nationally, have faced tough challenges since 2020 and we have already seen big stores like Party City file for chapter 11 bankruptcy, which caused some of its stores to close, but most have remained opened for now.
There has been another major retailer and pharmacy, which has been in the news in recent weeks and months for multiple reasons, including financial hardships and bankruptcy speculation.
Now, they have been given a non-compliance by the New York Stock Exchange.
Buffalo Business First reports that the NYSE has notified the Rite Aid corporation that it is no longer compliant with its listing standards.
That means that Rite Aide does not meet the exchange's minimum market capitalization standard of $200 million or minimum stock price standard of $1 per share.
What could fuel added speculation of its future, Rite Aid said it provides "no insurance" that it can be regarded as compliant again.
This comes two months after The Wall Street Journal reported that Rite Aid was preparing to file the dreaded chapter 11 bankruptcy, facing an astounding $3.3 billion debt loan. The pharmacy and retailer has come under fire with lawsuits, alleging they have helped contribute to the ongoing problems with opioids in the United States.
If bankruptcy does indeed happen, this could mean Rite Aid stores close and perhaps they dwindle to few or no stores in New York. That remains to be seen, but this news of the NYSE adds to the rumors that Rite Aid will file for bankruptcy.
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